Steve McDermott has announced he intends to relinquish his role as an executive director at Icap on March 20. McDermott, who was appointed a director on October 28, 1998 during the company’s former Garban incarnation, most recently oversaw the integration of the cash-cow EBS business as chief operating officer for the Americas.
Michael Spencer, Icap group chief executive officer, comments: “Steve McDermott has played a critical role in the development of our businesses during the last 22 years. He was instrumental in making the merger of Garban and Intercapital in 1999 a success and he has served with great distinction on the board of Icap since then. I am delighted that Steve will be continuing in his current COO role, but will be reducing his working hours.”