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StoneX Group Inc. (NASDAQ: SNEX) has announced major leadership changes, with Philip Smith becoming Group Chief Executive Officer as Sean O'Connor transitions to Executive Vice-Chairman after 22 years as CEO.
Smith, previously responsible for Commercial and Payments segments, will lead alongside new Group President Charles Lyon, former head of the Institutional business segment. Both will report to O'Connor, who will focus on long-term strategy, capital allocation and M&A activity.
Smith's journey with the company began in 2004 when StoneX acquired Global Currencies Ltd, a UK-based foreign exchange payments company where he had been working since 1996. He served as the CEO of INTL Global Currencies Ltd following the 2004 acquisition until its consolidation into StoneX Financial Ltd in 2014. Smith's responsibilities expanded in 2015 to include Asia, showcasing his ability to manage complex international operations. Prior to his recent promotion, Smith held the position of Chief Executive Officer of StoneX Financial Ltd, overseeing operations in Europe, Middle East, and Africa (EMEA). As a member of StoneX's executive committee, he has been instrumental in driving the company's Commercial and Payments business segments.
Charles Lyon, StoneX, Group President
The changes come as Glenn Stevens, who leads the Self-Directed/Retail business segment, announces his retirement at the end of 2024. Stevens joined StoneX following its acquisition of Gain Capital Inc. in 2020, which he co-founded.
Glenn Stevens, Head of Retail, StoneX
Sean O'Connor reflected on the transition: "For the last 22 years I have had the enormous privilege and honor of being CEO of StoneX. From small beginnings - less than 10 people and less than $10 million in equity capital - we have now grown into a global financial franchise with nearly 5,000 employees and $3.3bn in market value. As proud as I am of what we have achieved thus far, I am also equally clear that it is now time to transition the management of StoneX to the next generation of very capable leaders. Philip, Charles and I have all worked together for over 20 years and I am confident that under their leadership our incredible track record will continue well into the future."
Sean O'Connor, Executive Vice-Chairman, StoneX Group
(previously CEO)
Regarding Stevens' departure, O'Connor added: "Glenn was one of the original founders of GAIN and we were very pleased that following the acquisition he stayed on with us and has been a key part of our success. We are highly appreciative of Glenn's contributions to our success and have greatly enjoyed working with him."
