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Online trading platform Plus500 said on Monday that chief executive Asaf Elimelech would step down after a four-year tenure, a period marked by the introduction of stricter rules on retail trading and high volatility.
No reason was given for the decision. Chief operating officer David Zruia will assume the role of interim chief executive until a successor is appointed, the company said.
The company reported earlier this month that first-quarter revenue had surged as market volatility driven by the coronavirus outbreak enticed the spread-betting firm’s customers to trade.
The Israel-based company said 2020 profit would be “substantially ahead” of expectations after revenue in the first three months jumped almost sixfold to $316.6 million (€291 million), according to a trading update on April 7th.
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Shares in the business slipped 1.3 per cent after the announcement on Mr Elimelech’s departure.
Mr Elimelech, an Israeli who joined Plus500 in 2012, has been at the helm since 2016. Under him, shares have more than tripled over a period when online trading platforms have been battling tough trading rules introduced since 2018. – Reuters
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