Spread betting and CFD provider London Capital Group (LCG) has confirmed that chief information officer William Newton has resigned from his role, with his place on the company’s board taken by chief operating officer John Jones.

Newton had been in the role since April 2011 and will remain as an adviser to LCG, continuing to make a substantial input to the company's technical direction.

He had extensive operational experience within financial trading companies having worked in the industry for over seventeen years. Most recently he was director at TraderTeam Systems where he was responsible for providing consultancy services to spread betting and FX businesses. Prior to this, Newton co-founded ODL securities, a derivatives and equities brokerage.

LCG CEO Kevin Ashby said: “We are indebted to William for his contribution both to the board and the group's technology strategy; LCG is now set on firm technology foundations and I look forward to continuing to work with William in the future.”

Newton’s place on the company’s board will be taken by COO John Jones with immediate effect. Jones was appointed to the company in July 2013 to manage operations for LCG.

“Since his arrival in July 2013, John has made a substantial contribution to the company and the Ltd board Sand I look forward to his insight and contribution at the PLC board,” added Ashby.

Shares in London Capital Group Holding plc (Co. Data) (LSE:LCG) will commence trading at 31.75 pence per share in London this morning.