CMC Markets chair expected to retire after almost 10 years on board

 
Alys Key
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The Australian Securities Exchange board
The spreadbetter is the second biggest stockbroker in Australia (Source: Getty)

The chair of spreadbetter CMC Markets is to step down after almost a decade at the company.

Simon Waugh is readying to retire next month, according to Sky News.

Waugh is to be replaced by James Richards, currently a non-executive director of CMC and chair of its remuneration committee. His background is in law and he is currently a partner at Dillon Eustace.

Following the announcement of his departure tomorrow morning, Waugh is expected to step down in December. But he will remain involved with the group.

Formerly chief executive of the National Apprenticeship Service and AWD Financial Services Group, Waugh joined the company in 2007 and has been chair since 2013.

Read more: CMC shares next to pop in spreadbetting revival

CMC Markets was founded by former Tory treasurer Peter Cruddas and floated in London two years ago. It has a market cap of £485m.

Earlier this year CMC signed a deal with an Australian bank to make it the second largest stockbroker in Australia.

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