StoneX Group Inc. has announced changes to its executive management team. Sean O'Connor, the current Chief Executive Officer, will transition to the role of Executive Vice-Chairman of the Board of Directors. Philip Smith, responsible for the Commercial and Payments business segments, will assume the position of Group Chief Executive Officer, while Charles Lyon, overseeing the Institutional business segment, will become Group President.
Mr. O'Connor, who has led StoneX for the past 22 years, will focus on longer-term strategy, capital allocation, and M&A activity. His compensation package has been restructured to emphasize share price appreciation and long-term value creation. Meanwhile, Mr. Smith and Mr. Lyon will take on the general responsibility of managing StoneX's business.
Notably, Glenn Stevens, responsible for the Self-Directed/Retail business segment, will retire at the end of 2024. Mr. Stevens, who joined StoneX following the acquisition of Gain Capital Inc. in 2020, has been a key part of the company's success.
StoneX Group Inc. operates a global financial services network, serving over 54,000 commercial, institutional, and global payments clients, along with more than 400,000 retail accounts across five continents.
These changes mark a significant shift in the leadership of StoneX, as the company looks to transition to the next generation of capable leaders while continuing its impressive track record well into the future. Following these announcements, the company's shares moved -0.5%, and are now trading at a price of $102.64. For the full picture, make sure to review StoneX's 8-K report.
