Stefanos Mitsi has parted ways with IronFX Global UK Ltd., just six months after being promoted as its Chief Executive Officer, according to a recent regulatory filing.
Back in February, Mr. Mitsi was elevated to the rank of CEO, succeeding Markos Kashiouris – the change of direction followed a recent capital injection to the firm’s UK operations earlier this year. Mr. Mitsi had been with IronFX since 2013, having joined from IG Group Holdings. Prior to his promotion to CEO, he worked as IronFX’s Head of UK Sales.
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Following the departure, IronFX will lean on its current directorship, which includes Dimitrios Hatzis, Markos Andreas Kashiouris, and Demetris Kyriacou. Finance Magnates reached out to IronFX Global who was unavailable for additional comment.
IronFX has had a tumultuous H2 2015 thus far, following an announcement that it was under investigation from the Cyprus Securities and Exchange Commission (CySEC) last month. Leading up to the investigation, numerous complaints had been lobbied against it by clients who had been denied withdrawal requests, which consequently prompted action by the Cypriot regulator. Subsequently, the broker has continued to put the withdrawal requests of dozens of its customers on hold, on the grounds of an ongoing investigation into bonus abusing by its clients.
In addition, a number of rumors have reverberated around the industry that were confirmed back in May, showing that IronFX did in fact initiate a large tranche of layoffs across its business. According to a company representative, fifty non-front office personnel were laid off, including support personnel – this constitutes less than 10% IronFX’s global staff, which the group claims to number above 500. Despite the large number of employees, the stated amount was below a figure of 100 that had circulated at the recent iFX Expo in Cyprus.