Interactive Brokers Group Inc.'s board said on Oct. 21, 2014 that Milan Galik will become the company's president, effective immediately. Galik will continue to serve on the board.

Chairman, President and CEO Thomas Peterffy will continue to serve as chairman and CEO but will no longer serve as president at this time. Galik most recently served as senior vice president of software development. He has also served as vice president of Timber Hill LLC since April 1998.