The Israeli operating subsidiary of Plus500, Plus500IL Ltd, has promoted Erez Levy to take on the role of its chief executive officer (CEO). Levy, who until recently was Plus500’s head of compliance, replaces Yevgeni Shtuckmeyster. The outgoing CEO has been with the brokerage firm regulated by the Israeli Security Authority (ISA) since 2015.
Prior to his elevation, Erez was tasked with the company’s legal, compliance, surveillance, and regulatory affairs. He has originally joined Plus500IL Ltd as the Group Head of Compliance back in 2017, based out of the headquarters of Israeli-based but London-stock market listed CFD provider in Haifa.
Prior to landing at Plus500, Erez spent less than three years at the computer software company SintecMedia, part of a legal career that dates back to 1999.
It was not clear if the outgoing CEO, Yevgeni Shtuckmeyster, has parted ways with the Israeli subsidiary to pursue other career opportunities or will assume other roles within Plus500. However, a company representative told Finance Magnates that Yevgeni was promoted and is now part of Plus500 Ltd. management team and will lead the regulation area.
We last reported about Shtuckmeyster in August when he put his money where his mouth has been for over five years, having bought about 7,000 Plus500 shares worth £50,000.
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Shares in Plus500 Ltd. fell on Tuesday despite another round of positive news that saw the spread better continues to benefit from record levels of customer-trading activity. The FTSE 250-listed firm, however, said revenue and profits for the full 2020 are expected to remain unchanged, sending its shares down nearly 15 percent over the last two sessions.
Plus500 has enjoyed a period of relative positive growth for its shares earlier this year, which went up be nearly 20 percent. The rise had been spurred by a combination of positivity around the brand and customers activity triggered by Covid-19 outbreak.
But over the long term, Plus500 and other CFDs brokers have had a tough time of late and saw revenues being squeezed by the EU regulators’ crackdown on risky spread betting and similar products.
In August 2018, the stock surged to 2,040.00 pence, the highest level since the Haifa-based firm first sold shares to the public in 2013, as revenue more than tripled amid an explosive interest in its products tied to cryptocurrencies.