15th Mar 2016 08:23
LONDON (Alliance News) - Plus500 Ltd, an AIM-listed online provider of derivatives products designed to help retail customers bet on financial markets, on Tuesday chose an internal candidate to become its new chief financial officer and said that Paul Boyle, a non-executive director and the chief audit officer of FTSE 100 insurer Aviva PLC, will step down from his role.
Elad Even-Chen, a certified accountant in Israel and a former commerce and real estate audit specialist at KPMG, will replace Inbal Marom as chief financial officer and join the company's board, Plus500 said in a statement.
The company said that Even-Chen is currently its finance director and vice president of business development, and a director of its subsidiary in Cyprus, Plus500CY Ltd. He has worked at the group for four years, Plus500 said, with his promotion putting an end to Inbal Marom's seven years as chief financial officer. Marom will remain with the company as vice president of finance, working alongside Even-Chen.
Paul Boyle decided to step down to "concentrate on his existing full time executive role" at Aviva, according to Plus500, adding that it is looking for a replacement.
The changes come after regulatory scrutiny for Plus500 in 2015, when the UK's Financial Conduct Authority demanded it cease taking on new UK clients due to concerns about its processes. The company resuming those client onboarding activities earlier in 2016. The FCA has since voiced concern about the industry-wide approach to taking on new clients and preventing financial crime.
"The board is grateful to Boyle for his service during a period which has seen significant regulatory challenges, but also strong process on operational business front. His contribution has been of huge value to the business and we wish him every success in the future," Chairman Alastair Gordon said.
"At the same time we are pleased to recognise Even-Chen's contribution to the business and the important role he plays representing the company to shareholders and the financial markets," Gordon added.
Plus500 will announce a trading update for its first quarter ended 31 March 2016 on 18 April 2016.
Shares in Plus500 were up 0.8% at 635.00 pence on Tuesday early morning.
By Samuel Agini; [email protected]; @samuelagini
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
AvivaPlus500