Founder and chief executive officer of Interactive Brokers, Thomas Peterffy, will step down from his position later this year.
The US-based electronic broker said in a statement that Peterffy will remain closely involved in the operations of the company and will continue to serve as chairman, but will step down as CEO during the third quarter on the day of his 75th birthday.
Interactive Brokers confirmed that Milan Galik, who has worked at the business for 28 years, most recently as president and director, will succeed Peterffy as CEO. Galik has also been a member of the firm’s board of directors since its initial public offering in 2007.
“I am deeply honoured by the trust [Peterffy] places in me,” Galik commented. “He has been my mentor for 28 years, has been preparing me for this transition for the last four and I look forward to working with him for many more to come. I am lucky to have the support of an amazing executive team, experienced managers and dedicated employees. Together we will continue working on realising [Peterffy’s] vision for Interactive Brokers.”
Peterffy added that he intends to stay with the company, which he founded in 1978, as long as he can and will continue to grow and build the firm during his time there.
“I put all my energies into building this company for the past 42 years and there is nothing I would rather do than work here forever,” he said. “On the other hand, as I grow older, I must recognise that Milan will do a much better job running the company than I would.
“With him at the helm, the strength of our business and the quality of our platform that delivers our offering will continue to grow as Interactive Brokers becomes the largest broker in the world. I am excited to continue to work with him and make this happen. I intend to remain and work at the company as long as I can remain helpful.”