London-headquartered spread betting and CFDs brokerage company ETX Capital confirmed to Finance Magnates that it’s CEO Arman Tahmassebi has left the company. The news comes a bit over a year after his promotion to the position.
Tahmassebi will be succeeded by co-CEO Philip Adler, who was hired at ETX in 2018 as COO, and John Wilson, who will take on day-to-day management responsibilities. He was previously the Non-Executive Chairman of the company’s board of directors.
The changes at the company’s London headquarters are made with immediate effect.
Commenting on the news, the new co-CEO of ETX Capital, John Wilson said: “The Board wishes to thank Arman for his hard work and dedication as both COO and, over the last year, as CEO. He has made a significant and positive contribution to the company and we wish him well in his future endeavours.”
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New Co-CEOs of ETX Capital
The new co-CEOs of ETX Capital come with a wealth of experience in the retail and institutional trading industries. Adler joined ETX in July 2018 as COO after spending 20 years in the business.
During his career which started in 1998, he held senior roles at GNI, MF Global, IG Group, Solo Capital, and ED&F MAN Capital Markets.
Wilson has been Chairman of the board at ETX Capital since 2010. With a raft of experience in the trading industry, he spent most of his career in Equity and Fixed Income markets. During the previous three decades, he held senior positions at UBS, Lehman Brothers, and Baikal Global.
The change in the management of ETX Capital comes at a critical time for the European trading industry. In the aftermath of the new regulatory changes to the sector, firms have been struggling to transition into the new market environment.