20th Apr 2020 09:07
(Alliance News) - Plus500 Ltd, a contracts-for-difference trading services provider, on Monday said Chief Executive Asaf Elimelech has resigned with immediate effect and Chief Operating Officer David Zruia will assume the CEO role on an interim basis until a permanent appointment has been made.
Shares in the company were down 0.4% at 1,130.00 pence each in morning trade.
Elimelech, who has been the company's boss since 2016, has a notice period of 12 months and will continue with the company in a transitional role alongside Zruia, the FTSE 250-listed company added.
Plus500 gave no reason for the CEO's departure, simply saying he had "tendered his resignation".
Chair Penny Judd said: "Asaf Elimelech has been a significant part of Plus500's success in recent years; we thank him for his contribution and wish him well for the future.
"We look forward to making a permanent CEO appointment as soon as possible and are confident that we will find a suitable candidate to lead the business and further its success."
The departure of Elimelech comes as surprise as the company earlier in April posted a surge in quarterly revenue and significant rise in customer trading activity, potentially benefiting from the Covid-19 pandemic and resultant economic uncertainty.
The company also had guided 2020 performance to be substantially ahead of current consensus expectations.
Plus500's revenue in the three months to March-end jumped to USD316.6 million, equivalent to 89% of revenue generated in entire 2019. In the first quarter of 2019, revenue totalled USD53.9 million.
The company's customer numbers tripled year-on-year to 82,951 compared to 21,306. Number of active customers almost doubled to 194,024 from 97,921.
By Tapan Panchal; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
Plus500