Steve McDermott, an executive director of ICAP plc, has requested for personal reasons that he stands down as an executive director at the next board meeting on 20 March 2008.
“Steve McDermott has played a critical role in the development of our businesses during the last 22 years. He was instrumental in making the merger of Garban and Intercapital in 1999 a success and he has served with great distinction on the board of ICAP plc since then. During that very busy period he played a central role in the recovery of our US business following the tragedy of 9/11 and also the acquisitions of BrokerTec in 2003 and EBS in 2006.
“I am delighted that Steve will be continuing in his current COO role, but will be reducing his working hours. He will also continue as a member of the ICAP Global Executive Management Group, so that we can continue to benefit from his extensive knowledge and experience,” says Michael Spencer, group CEO.