Worldspreads takes back old boss as chief exec Foley quits

WORLDSPREADS lost its chief executive yesterday as Conor Foley (pictured) quit his role at the spread betting house.

Worldspreads’ ex-boss Roger Hynes, who moved from the financial services group to CMC Markets, will resume his former seat on an interim basis.

The shift comes just two weeks after Worldspreads released a profit warning due to “an unusual pattern of client trading”. The company said it anticipates a full-year loss due to “a combination of benign market conditions and low volatility in certain key markets.”

Worldspreads chairman Lindsay McNeile commented: “Whilst Conor has expressed his desire to channel his personal energies into other fields, we are delighted that as the largest individual shareholder in the group he remains fully supportive of our management’s growth plans.”

She welcomed Hynes back to the spread betting company, saying his “insights and reputation are unmatched within the industry.”

Niall O’Kelly, Worldspreads’ ex-chief financial officer, departed alongside Foley after announcing at the end of February his resignation.

Worldspreads said “CMC Markets veteran” Roger Hynes’ position would be on an interim basis while the firm undertakes a global search for a new chief.

Shares in the AIM-listed company fell four per cent to 35.5p.