FXCM Group has announced that the company is introducing some changes to its senior management. The forex, CFDs and spread betting provider is promoting the European subsidiary’s CEO, Brendan Callan, to Interim CEO. He has been with the firm since 2001 and has successfully been managing the company’s London-based branch since 2010.
Drew Niv will retain an advisory role for the public company, which is to be renamed ‘Global Brokerage Inc’. The company recently suffered a setback after settling with the CFTC for $7 million and exiting the US market. The broker was forced to sell its US client base to rival GAIN Capital.
Leucadia National Takes Control of Board
After the recent tumult at FXCM, the biggest creditor of the company, Leucadia National, is receiving the Chairman of the Board position in FXCM Group after the resignation of Drew Niv and William Adhout. Leucadia appointed its Managing Director Jimmy Hullac to the role.
The number of board seats has been reduced to six from eight previously. The changes are driven by Leucadia, which had been holding three seats on the company’s board.
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The new six-member Board of Directors of FXCM Group will consist of Mr. Hallac, as well as Rich Handler, CEO of Leucadia, Brian Friedman, President of Leucadia, David Sakhai, Chief Operating Officer of Global Brokerage, Inc., Robert Lande, Chief Financial Officer of Global Brokerage, Inc., and Kenneth Grossman, Managing Director of Global Brokerage, Inc.
The public company’s new name will become effective from February 27th, 2017.
Commenting on the appointments, Handler and Friedman stated: “We are very excited to have Brendan and Jimmy in their new roles. We believe that, under their leadership, FXCM Group will be able to continue to enhance and grow its global platform and customer offering.”
“Brendan and Jimmy share our deep commitment to always putting clients first, maintaining and building a culture of transparency, communication and support among employees, and responding to the needs and goals of all relevant constituencies, including FXCM’s customers, employees, regulators, business partners and equity owners,” the board members concluded.