Wheeler finds '101 reasons' to leave IG Index job

Stuart Wheeler, the founder of IG Index, has stepped down as chief executive, ending 28 years at the helm of the spread-betting firm.

Although he will stay on as non-executive chairman, the multimillionaire Conservative party donor said he no longer relished running the business day to day. "I woke in the middle of the night and asked myself whether I enjoy doing the job any more," he said. "For 101 different reasons, I don't. And once I had decided that, it would have become impossible to do the job energetically and well."

He left his post yesterday to be replaced by his 44-year-old deputy, Nat le Roux, who has been with the company for nine years and was responsible for introducing betting on individual share prices, which formed the basis of IG's growth in the late Nineties. Mr le Roux will immediately accelerate the company's expansion overseas.

Mr Wheeler, 67, famed for his record-breaking £5m donation to the Conservative party in last year's general election, ruled out a move into politics, and said he had no ambitions to enter the House of Lords.

Mr Wheeler, who has a 30 per cent shareholding, said he wanted to step aside for a younger man more attuned to "this technological age". He said the company was currently planning a major upgrade to its technology.

"For a long time, our technology was well ahead of the competition – with no help from me – but recently we have slipped slightly behind," he said. "I need to be told how to switch my computer on every morning."

Mr Wheeler borrowed £5,000 in 1974 to set up IG Index, which originally took bets on the price of gold. After adding bets on commodities, stock market indices and individual shares as well as sports results, the company floated in July 2000, valued at £125m.

The shares fell 15.5p to 351p on disappointment at Mr Wheeler's decision, although he said some investors had told him to split the roles of chairman and chief executive, in line with the code of practice on corporate governance. He insisted his retirement did not reflect any disagreements over strategy or a downturn in IG's financial performance.

After two disappointing trading statements, the company said profitability has improved in the last few months.