Plus500, an online contracts for differences (CFDs) broker, has proposed the appointment of Professor Jacob A. Frenkel, a well-known global economist, as Chairman of the company’s Board of Directors. Frenkel will succeed Penny Judd following the conclusion of the 2021 Annual General Meeting on 4 May 2021, subject to approval from the company’s shareholders.
According to the official announcement, Judd is not planning to nominate herself for re-election at the Annual General Meeting. Judd became Chair of the Plus500 Board in 2017. During her time, Judd oversaw substantial enhancement of the expertise and breadth of the Board.
The newly proposed Chairman Frenkel has more than 40 years of experience in global macroeconomics. He is the author of several books in the field of international economics. Between 2009 and 2020, Frenkel served as Chairman of JPMorgan Chase International. Professor Frenkel has been Chairman of the Board of Governors of Tel Aviv University since 2013.
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Commenting on the latest announcement, David Zruia, Chief Executive Officer of Plus500, said: “I am honored to welcome Professor Jacob Frenkel as the Company’s proposed new Chairman. He has substantial and wide-ranging corporate and regulatory experience, with a distinguished career working in high-profile leadership roles for several major international financial services organizations. Professor Frenkel’s significant experience and knowledge of the financial services sector will be a huge asset for Plus500, as we enter a new phase of development, evolving into a multi-asset fintech group over time.”
Plus500 mentioned earlier this month that the company is planning to establish a new research & development (R&D) center in Tel Aviv. Plus500 CEO Zruia outlined that the company is evolving into a multi-asset fintech group.
“I am proud and honored to have the opportunity to become the proposed Chairman of Plus500 at such an exciting time. The Company has a strong and agile technology platform and a compelling vision to enable simplified universal access to financial markets, as Plus500 evolves to become a multi-asset fintech group over time, by expanding into new markets and launching new products,” Professor Frenkel mentioned in the official announcement.