Retail forex broker, Admiral Markets UK, has officially reported that non-executive director Elina Pedersen has relinquished her role as Chief Executive (CEO), according to a regulatory filing. The resignation is dated March 15, 2015.
Ms Pedersen, who served as Chief Executive of Admiral Markets UK from August 2012 to March 2015, spearheaded the establishment of the UK office, including gaining regulatory approval, developing systems and processes, building human resources, and launching marketing and customer conversion campaigns.
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Originally from Estonia, the brokerage set up shop in the UK in 2013, after successfully obtaining authorization from the UK’s Financial Conduct Authority (FCA). The UK regulated subsidiary of Estonia-incorporated Admiral Markets AS, the company has sought to diversify the broker’s business at a time when the regulatory credibility of the FCA remains the most sought after due to its international reputation.
Just recently, the broker reported a profitable 2014 fiscal year for its UK operation. For the twelve months ending on December 31st, 2014, the company generated a turnover of £463,828 ($725,000), which compares to £42,404 ($66,000) for 2013. The operating profit was £11,088 ($17,000), which is the first positive result, moving Admiral Markets UK into the black.
An Estonian native, Ms Pedersen assumed the role of non-executive director at the company in March 2015, when she stepped down as CEO. Prior to coming to the UK, she spent almost three years as Chief Marketing Officer at Admiral Markets Group in Tallinn, Estonia. Prior to that role, she was Advertising Manager – a position she held from May to September 2011.