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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): January 1, 2024
INTERACTIVE BROKERS GROUP, INC.
(Exact Name of Registrant as Specified in its Charter)
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Delaware |
001-33440 |
30-0390693 |
(State or Other Jurisdiction |
(Commission File Number) |
(I.R.S. Employer Identification Number) |
One Pickwick Plaza, Greenwich, CT 06830
(Address of Principal Executive Offices) (Zip Code)
(203) 618-5800
(Registrant’s Telephone Number, Including Area Code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
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Title of each class |
Trading Symbol |
Name of the exchange on which registered |
Common Stock, par value $.01 per share |
IBKR |
The Nasdaq Global Select Market |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company □
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. □
Item 5.02. Departure of Directors of Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On October 17, 2023, the Board of Directors (the “Board”) of Interactive Brokers Group, Inc. (the “Company”) appointed Mr. Richard Repetto to serve as an independent director of the Company, effective January 1, 2024.
Mr. Repetto is a renowned research analyst with over 25 years of experience covering electronic trading and financial technology companies. Mr. Repetto retired in June 2023 as Managing Director and Senior Research Analyst at Piper Sandler. Throughout his successful career, Mr. Repetto received many accolades, including the Financial Times/StarMine “Analyst of the Year” Award in 2010 and “Global Analyst of the Year” from the Financial Times in 2012.
Mr. Repetto will receive the same compensation as the Company’s other non-employee directors. The compensation program is described in the Company’s Proxy Statement on Schedule 14A filed with the U.S. Securities and Exchange Commission (“SEC”) on March 8, 2023.
The Board has determined that Mr. Repetto is “independent” under the rules of the Nasdaq Stock Market LLC and the SEC. Mr. Repetto has no family relationships with directors or other executive officers of the Company and is not a party to any transactions requiring disclosure under Item 404(a) of Regulation S-K. There is no arrangement or understanding between Mr. Repetto and any other persons pursuant to which Mr. Repetto was selected as a director.
A copy of the Registrant’s press release relating to this director appointment is being furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
Item. 9.01 Financial Statements and Exhibits.
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Exhibit No. |
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Description |
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99.1 |
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104 |
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Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL Document). |
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: January 2, 2024
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INTERACTIVE BROKERS GROUP, INC. |
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By: |
/s/ Paul J. Brody |
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Name: |
Paul J. Brody |
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Title: |
Chief Financial Officer, Treasurer |
EXHIBIT 99.1
Interactive Brokers Appoints Rich Repetto to its Board of Directors
Greenwich, CT, January 2, 2024 – Interactive Brokers (Nasdaq: IBKR), an automated global electronic broker, today announced the appointment of Rich Repetto as an independent director of the firm effective January 1, 2024.
“We are pleased to announce the appointment of Rich to the Board of Directors following his distinguished career where he pioneered the research of electronic brokers and exchanges,” said Thomas Peterffy, Founder and Chairman of Interactive Brokers. “Mr. Repetto’s extensive knowledge and understanding of the electronic investing and trading industry brings an important perspective to the Board, and we look forward to benefiting from his insights.”
A renowned research analyst with over 25 years of experience covering electronic trading and financial technology companies, Mr. Repetto retired in June 2023 as Managing Director and Senior Research Analyst at Piper Sandler. Throughout his successful career, Mr. Repetto received many accolades, including the Financial Times/StarMine “Analyst of the Year” Award in 2010 and “Global Analyst of the Year” from the Financial Times in 2012.
Mr. Repetto was a Principal at Sandler O’Neill for approximately 20 years, and before that, he was a Managing Director and analyst with Putnam Lovell NBF, overseeing equity research in the electronic finance and brokerage industries. He also worked for Lehman Brothers and founded the company’s coverage of the Internet financial services sector. Prior to that, he was with Mobil in sales and marketing for 10 years.
Mr. Repetto received a BS in general engineering from the United States Military Academy at West Point and served as a helicopter pilot in the US Army for five years. He holds an MBA in finance from the Wharton School of the University of Pennsylvania.
Mr. Repetto also supports philanthropic initiatives and was recently recognized by Tuesday's Children, which helps families impacted by terrorism, military conflict, and mass violence, as their 2023 Military and Finance Industry honoree.
About Interactive Brokers Group, Inc.:
Interactive Brokers Group affiliates provide automated trade execution and custody of securities, commodities, and foreign exchange around the clock on over 150 markets in numerous countries and currencies, from a single unified platform to clients worldwide. We serve individual investors, hedge funds, proprietary trading groups, financial advisors and introducing brokers. Our four decades of focus on technology and automation has enabled us to equip our clients with a uniquely sophisticated platform to manage their investment portfolios. We strive to provide our clients with advantageous execution prices and trading, risk and portfolio management tools, research facilities and investment products, all at low or no cost, positioning them to achieve superior returns on investments. For the sixth consecutive year, Barron’s ranked Interactive Brokers #1 with 5 out of 5 stars in its June 9, 2023, Best Online Brokers Review.
Contacts for Interactive Brokers Group, Inc. Media: Katherine Ewert, media@ibkr.com