In addition to publishing a trading update for its 2019 fiscal year, CMC Markets has also announced a series of changes to its Board of Directors this Wednesday, including the departure of its Chief Operating Officer (COO) and Chief Financial Officer (CFO).
Grant Foley, who is the COO and CFO at CMC Markets, has informed the Board that he intends to leave the company to pursue other opportunities, the statement said. Appointed to the Board in 2013, Foley’s departure ends his six-year tenure with the UK based firm.
During his time with CMC Markets, Foley played an instrumental role in helping the company go from private to public ownership, as well as guiding the Group through regulatory changes.
Commenting on his decision, Grant Foley, said: “Having joined CMC ahead of preparations for the IPO, the business has transformed completely over the six years I have been CFO and COO.
“Now we have begun to see a stabilization of client behavior post ESMA, I feel the business is on a strong footing and it is time to hand over to someone else to take the business forward on the next leg of its journey.”
According to the statement, Foley plans to stay with the Group for another six months, to ensure there is a smooth transition for the new candidate. During this time, he will remain on the Board, which will conduct a rigorous process to find his replacement.
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APAC Importance Grows for CMC Markets
For CMC Markets, its operations in the Asia Pacific (APAC) region are becoming increasingly important, the statement said. As a result, the Board has also proposed to appoint Matthew Lewis, Head of Asia Pacific and Canada, to the Board, subject to approval from the Financial Conduct Authority (FCA).
Lewis has been employed with the company’s Australian business for more than 13 years. Across this time, he has held both trading and commercial roles in the APAC region. Furthermore, he also led CMC’s ANZ Bank white label stockbroking partnership.
Another appointment announced today is that of David Fineberg, who is currently the Group Commercial Director. According to the statement, he has been appointed as the Deputy Chief Executive Officer (CEO) with immediate effect.
Fineberg, who has worked for CMC for more than two decades, has held a number of trading roles before he was added to the Board as Director of Trading in 2017, which led to his most recent role which he was promoted to in 2017.
“I am extremely pleased and excited for David in his new role and I look forward to working alongside him to develop the business over the coming years. His insights and understanding of this business and our markets after 20 years at CMC are second to none and he thoroughly deserves this new role,” added Peter Cruddas, the CEO of CMC Markets.