Plus500, an online contracts for differences (CFDs) broker, announced today that its former CEO and current Managing Director, Gal Haber has notified the Board about his intention to step down. Haber will be stepping down from his position of MD and Director of the Board with immediate effect.
According to the official announcement, the former CEO played an important role in the company’s successful IPO launch in 2013. The Board has started the process to onboard additional non-executive directors to diversify its composition.
Commenting on Gal Haber’s departure, Penny Judd, Chairman of Plus500, said: “The Board would like to thank Gal for his significant contribution to the establishment and development of Plus500, since the Company’s inception in 2008. Gal Haber played a pivotal role as CEO in leading Plus500 through a successful IPO in 2013. Since then, the Company has built a strong operational and financial track record, with its market capitalization increasing from approximately $200m at that time to approximately $2 billion as at the end of FY 2020, along with over $1 billion paid in dividends and share buybacks to the Company’s shareholders. We wish Gal well for the future, and we look forward to working with him, on a consultancy basis, going forward.”
The recent Directorate change came after the company reported strong financial results in 2020. Overall, 2020 has seen a significant jump in Plus500’s revenues and the total number of active clients as compared to 2019.
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Plus500’s Financial Performance
The company is planning to publish its preliminary results on 17 February for the financial year ended 31 December 2020. Plus500 mentioned that it expects to report annual revenue of nearly $827 million.
Commenting on the financial performance, David Zruia, Chief Executive Officer of Plus500, mentioned: “In the context of an unprecedented and uncertain market environment, 2020 was an outstanding year for Plus500, during which we delivered a record financial and operational performance. The positive momentum built up during 2020 was driven by the strength and differentiation of our proprietary technology. This was supported by the expertise of our people, who ensured that our customers received a consistently high-quality service during the year, and we are extremely grateful to our people for their continued hard work and commitment.”
Plus500 recently extended its sponsorship of Atlético Madrid for the 2021/2022 Season.