Breaking: CMC Markets’ CFO Albert Soleiman Steps Down

The Chief Financial Officer of CMC Markets (LON: CMCX), Albert Soleiman, is stepping down from his role with immediate effect, the London-headquartered broker announced today (Tuesday). He will also no longer be a director of the company.

A Decision by the Board

The announcement further noted that the decision came from CMC’s board, and Soleiman agreed. However, it remains unclear who will replace Soleiman as CFO.

Although Soleiman's ousting from the key role took effect immediately, he will remain with the firm “for a period of time” to ensure an orderly handover.

"On behalf of CMC Markets plc, I would like to thank our outgoing CFO, Albert Soleiman, for his contributions to the firm over his long tenure with the company and in his roles as CFO and as a director. I wish him the very best in his new endeavours," said Lord Peter Cruddas, CEO of CMC.

The exit came when CMC’s share price had been struggling in the markets. In the last six months, the broker CMCX value lost about 36 per cent. The CMC shares are also trading below 61 per cent of the record peak it achieved in April 2021 following the impact of the COVID-19 pandemic on the retail trading industry.

Interestingly, Soleiman took over as the CFO when the CMC share price was struggling after the company slashed its income outlook.

The Exit of a Long-Time Employee

Although Soleiman became CMC’s CFO in mid-2023 with an internal promotion, he spent a significant portion of his career with the broker. He first joined the London-headquartered broker in November 2005 as a Tax Manager for Asia Pacific and became the Group Head of Tax in 2008. He also assumed the role of Head of Client Asset Management at CMC but separated from the broker in November 2019 after working there for 14 years.

He rejoined CMC Markets in mid-2020 as the Group Head of Corporate Development. He additionally led the launch of the CMC Invest business, becoming the Head of CMC Invest UK.

Between his two tenures at CMC, he was the Global Tax Director at Bitfury for eight months. He started his career as a Tax Consultant at KPMG and then as a Senior Tax Advisor at William Buck. He is also a qualified Chartered Accountant.