Plus500 CEO Asaf Elimelech Steps Down, COO Named as Interim CEO

Elimelech has handed in his resignation, starting the 12-month transition period.

The Chief Executive Officer (CEO) of Plus500 Asaf Elimelech has handed in his resignation with immediate effect, starting the 12-month notice period Elimelech needs to provide, the Israel-based broker announced this Monday.

According to a regulatory filing, Elimelech will continue with the company in a transitional role alongside the interim CEO until a permanent replacement has been named. This means he will retain his role as a director of certain subsidiaries of the Group, the statement said.

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Taking on the role of interim CEO is David Zruia, the Group’s Chief Operating Officer (COO). He will assume this role alongside his existing responsibilities and will join Plus500’s Board with immediate effect until a permanent CEO has been appointed.

Elimelech leaves Plus500 on solid footing

Elimelech, the outgoing CEO, has been with the London-listed firm since 2012 and assumed the role of CEO in 2016. During this time, he has navigated the company through periods of extreme market turbulence and regulatory changes.

As Finance Magnates reported, Elimelech is leaving Plus500 in a strong position. In the first quarter of 2020, the company reported a 487 per cent yearly increase in revenues, coming in at $316.6 million.

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Plus500 said that because of the very strong performance in the three-month period, the broker now expects that revenue and profitability for the full year will be substantially ahead of current consensus expectations.

Zruia, the interim CEO, has been with Plus500 since 2010, originally joining as a senior marketing manager. He was promoted to the role of COO in 2013. According to the company’s statement today, during his time with the broker, he has played an instrumental role in pioneering the Group’s technology-focused operations model.

Commenting on the changes, Penny Judd, Chairman of Plus500, said in the statement: “Asaf Elimelech has been a significant part of Plus500’s success in recent years; we thank him for his contribution and wish him well for the future. 

“The Board believes that David Zruia is well qualified to act as Interim CEO during the transition period; he is an experienced manager with a deep understanding of the business who has demonstrated sound leadership during his time with Plus500. 

“We look forward to making a permanent CEO appointment as soon as possible and are confident that we will find a suitable candidate to lead the business and further its success.”

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