Philip Smith Succeeds Sean O’Connor As StoneX Chief Executive Officer

StoneX Group Inc. recently shared news about important changes in its leadership. According to the report, Philip Smith has been appointed as the new Group Chief Executive Officer (CEO), taking over from Sean O’Connor, who will become the Executive Vice-Chairman.

O’Connor had been the Chief Executive Officer for 22 years. Smith, who previously led the company’s Commercial and Payments sections, will now be in charge of the entire company.

StoneX Aims To Strengthen Leadership And Expand Digital Asset Services

Charles Lyon, who was the head of the Institutional business, has been appointed as Group President. Both Smith and Lyon will report to O’Connor, who will focus on long-term planning, capital management, and mergers and acquisitions (M&A).

Glenn Stevens, who has led the Self-Directed/Retail business, will retire at the end of 2024. Stevens had joined StoneX after the company bought Gain Capital Inc. in 2020. He had co-founded Gain Capital before it became part of StoneX.

Sean O’Connor shared his thoughts on the leadership changes, stating that he had been honored to serve as Chief Executive Officer of StoneX for 22 years.

He explained that the company started small, with fewer than 10 people and less than $10 million in equity. O’Connor noted that StoneX had since grown into a global company with nearly 5,000 employees and a market value of $3.3 billion.

At the same time, StoneX Group has taken steps forward in the digital asset market. The company received approval from Ireland’s central bank to operate as a Virtual Asset Service Provider (VASP).

This approval, given to StoneX Digital International, allows the company to offer digital asset services to institutional clients in the European Union.

StoneX Expands Digital Asset Offerings For Institutional Clients

Brian Mulcahy, the Chief Executive Officer of StoneX Digital, emphasized the company’s commitment to offering secure and trustworthy solutions in the digital asset world. According to him, this license will allow StoneX to expand its services and meet the growing demand for institutional digital asset capabilities.

The new license will help StoneX offer more services, such as execution, custody, liquidity, and trading tools, to its clients. This will support the company’s prime brokerage services, which offer these tools through API integration options.

StoneX Group Inc., previously known as INTL FCStone, is a large financial services company in the U.S. The company operates in many areas, including commercial hedging, global payments, securities, physical commodities, foreign exchange, and clearing and execution services.

In 2023, the company was ranked No. 59 on the Fortune 500 list of the largest U.S. companies by revenue. In July 2020, the company rebranded and changed its name to StoneX Group Inc.