Wheeler hands over at IG Index

STUART Wheeler is stepping down from running IG Index - because he is not having the fun he used to have. The spread-betting tycoon is giving up his chief executive role, but will stay on as non-executive chairman.

'I was beginning not to enjoy running it on a day-to-day basis,' he said. 'My secretary will confirm I was getting more stressed.'

Deputy chief executive Nat le Roux, 44, who has been with IG for nine years, will take over. Wheeler, 67, said: 'I feel that in this technological age it is right to have a younger chief executive than me.'

He also admitted that he had had a few letters from shareholders wanting to see the dual role of chairman and chief executive split. But he stressed there was nothing sinister in the surprise move and there had been no deterioration in the company's financial position. Income in February and March had picked up after a poor December and January.

Wheeler said he had no plans to sell any more of his IG shares. The 30% stake has collapsed by £50m since December because of a near-halving in the IG share price following a disappointing trading statement.

Wheeler, who hit the headlines when he gave £5m to the Tories last year, has no immediate plans beyond going to Las Vegas in May to play in the world poker championships.

The market reacted badly to the news, the shares dipping 15 1/2p to 351p. Wheeler set up IG in the 1970s to offer bets on the price of gold. It was floated at 240p in July 2000.