Tony Lim left his position as CEO and Managing Director of IG Asia, the Singapore unit of IG Group, after IG planned to lay off 10% of its employees.
IG Group forex broker announced the resignation of Tony Lim from the position of CEO and Managing Director of the Asia region, IG Group's Singapore unit, in the coming months.
Although there has been no concrete confirmation of the reasons for his departure, a senior executive and CEO of IG forex broker in APAC, Kevin Algeo, also resigned after facing mass layoffs.
Lim started his career in trading and fintech companies for three decades. Initially, he worked in the back office of a local Singapore brokerage and then entered the trading floor of the Singapore International Currency Exchange in 1994. An industry veteran, he also served as Head of Private Client Services and Co-Head of the Private Client Group at Saxo Capital before joining IG forex broker.
In addition, according to its website, the award-winning trading platform plans to lay off 10% of employees from its various branches by the end of October for substantial cost cuts. The hope is to increase annual revenue turnover by £50 million.
One of the executives removed from a primary position was Robert van Eyden, former CEO of the South African operations. Recently, Eyden confirmed his move to Rostron Scope Markets as CEO of South African operations.
In other forex broker news, the CFD and DMA broker recently appointed a new senior Northern Europe CEO, Eren Eraslan, to take a leadership role. It proves his dedication to strengthening his position in the international arena.