Global Brokerage Inc, the publicly traded company that owns 37.3 percent of FXCM Group LLC, has announced that it is appointing Kenneth Grossman as CEO. As was widely expected in the aftermath of the settlement between Forex Capital Markets LLC and the US CFTC, Drew Niv has resigned from the position of interim CEO.
The board of directors of Global Brokerage Inc has chosen an internal candidate to take the helm. Grossman sat on the board of the firm from 1999 to 2010. He was one of the founding partners of the company and served as director after taking several senior leadership roles and the CFO position at Berisford Capital Markets.
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Global Brokerage will be compensating the new CEO of the company with $600,000 per annum, and a bonus of $1 million upon completion of his employment term. The initial agreement between the parties is for a little over one year.
The change comes after the biggest creditor of Global Brokerage, Leucadia National, took over the position of chairman of the board recently. The firm’s Managing Director Jimmy Hullac was appointed to the role, succeeding Drew Niv in February 2017.
Leucadia currently holds three seats on the Global Brokerage board following the restructuring that was announced in the aftermath of FXCM’s $7 million settlement with the CFTC and its exit from the US market. The broker was forced to sell its US client base to its long-term rival GAIN Capital.