Summary
Interactive Brokers Group, Inc. (IBKR) filed an 8-K report on December 19, 2016, announcing a change to its Board of Directors. Effective January 4, 2017, Mr. Gary Katz has been appointed as a new director and a member of the Audit Committee. This appointment follows the upcoming retirement of Dr. Hans Stoll at the end of 2016. Mr. Katz brings significant experience to the board, having co-founded and served as President and CEO of the International Securities Exchange. The company has confirmed that Mr. Katz meets NASDAQ and SEC independence requirements and will receive standard compensation for non-employee directors, as previously detailed in the company's proxy statement. This strategic addition to the board is expected to leverage Mr. Katz's expertise in the securities industry.
Key Highlights
- 1Gary Katz appointed as a new director to the Board of Directors, effective January 4, 2017.
- 2Mr. Katz will also serve as a member of the Audit Committee, effective January 4, 2017.
- 3The appointment fills a vacancy created by the retirement of Dr. Hans Stoll at year-end 2016.
- 4Mr. Katz is a co-founder and former President and CEO of the International Securities Exchange.
- 5The company has determined Mr. Katz is independent under NASDAQ and SEC rules.
- 6Mr. Katz will receive compensation consistent with other non-employee directors.
- 7No disclosable related-party transactions or family relationships with existing officers or directors.