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Screenshot of a breaking news alert e-mail from Q2 2017
LeapRate has been informed that City Index CEO Mark Preston and Global Head of HR Martine Skinner have left the firm.
This represents part of the restructuring of the firm since its acquisition by Gain Capital Holdings Inc (NYSE:GCAP) for $118 million.
In November last year, LeapRate discussed the proposed structure of the senior management of City Index post acquisition with GAIN Capital CEO Glenn Stevens, and in particular what lies in store for the immediate future for incumbent City Index CEO Mark Preston.
“Mark’s role is certainly for the transitionary period at a minimum” explained Mr. Stevens. “He has been very professional, understands his responsibility with regard to both City and of IPGL Holdings. Mark comes out of Michael’s ecosystem, therefore he has the responsibility of being a good steward of Michael Spencer’s investment and brings senior leadership from previous experience.”
“Michael Spencer wants this to work because of the equity portion that is involved. Our agreement is that long-term we won’t run City Index as a seperate company, Mark’s role will be to maintain and smooth the transition” Mr. Stevens confirmed at that time.
Mr. Preston assumed his role as CEO of City Index in September 2013 following the departure of Martin Belsham, with senior positions at Guardian Financial Services, Lloyds TSB and CIBC World Markets behind him, as well as a non-executive directorship at West Bromwich Building Society, which he still holds.
LeapRate spoke to GAIN Capital today regarding the move. A spokesperson from the company explained “Following the closing of GAIN’s acquisition of City Index, Mark Preston has departed City Index to pursue other opportunities.”
“As is the case with most acquisitions, GAIN’s purchase of City Index will result in personnel changes across the organization as we integrate the two companies.”
“With a few exceptions relating to staff in roles with regulatory status or other special circumstances, we do not intend to comment on individual moves within the organization” confirmed the spokesperson.
Additionally, Global Head of HR Martine Skinner officially cleared her desk at City Index on Friday of last week after three and a half years at the firm.
Ms. Skinner was incumbent Global Head of HR at City Index during the period at which the firm hired ex-Dealstream CEO Russell Leigh in one of its international branch offices. Mr. Leigh and his South African CFD firm Dealstream which collapsed following misappropriation of client funds, resulting in customer losses of 112 million rand and Mr. Leigh’s immediate emigration from South Africa.
Whilst City Index confirmed the departures of the two executives, no further statement was made regarding the moves.