Former PayPal and Citi exec Ed Eger is in, K Duker is out.
Changes abound at Oanda.
After replacing its CFO, and appointing a new CMO, Chief Strategy Officer and new Chief Technology Officer, now comes the big one. Oanda is replacing CEO K Duker with Ed Eger. Eger joins Oanda from PayPal (an eBay company, NASDAQ:EBAY) where, as Sr VP and General Manager for the Americas, he oversaw dramatic growth in PayPal’s customer and revenue base. Previously, Eger was the CEO of Citibank’s multi-billion dollar international consumer credit card business. Oanda terms Eger as ‘an expert in growing businesses where technology and finance converge’. Sounds like it.
Word is that both volumes and revenues have been stagnant at Oanda the past couple of years as it has been passed by by rivals Forex.com (Gain Capital, NYSE:GCAP) and FXCM (NYSE:FXCM), leading to the management changes as well as strategic moves such as Oanda’s acquisition of social trading site Currensee.
We also understand that the company’s goal of going public simply was not going to be achieved by the exiting management team, leading to the changes described above, as well as an effort to beef up Oanda’s board of directors to resemble that of a public company. Current Oanda board members include Renato Fassbind, Independent Non-Executive Director at HSBC, Mich Mathews, former CMO and SVP of Microsoft Corp, and Kuno Kennel, Chairman of the Board at Schwyzer Kantonalbank.
K Duker is apparently staying with the company for now — moving to the title ‘Interim CEO’ until Ed Eger fully assumes his duties. However we assume that his days at Oanda are effectively over.
The complete text of Oanda’s press release follows:
OANDA Corporation Appoints New President and Chief Executive Officer
- Former PayPal and Citibank executive Ed Eger appointed to cement OANDA’s position as world leader in online FX
- Brings extensive international experience in growing major financial franchises and retail e-finance businesses
- Eger will build on OANDA’s legacy as the pioneer in online FX trading; enhance value for clients; develop world-class talent; and partner with regulators
TORONTO – December 2, 2013 – OANDA Corporation, the global pioneer in foreign exchange trading services, today announced the appointment of industry veteran Edmond Eger III as President and CEO.
Mr. Eger commands 30 years of proven experience in growing businesses through customer-focused, disruptive technologies to consumers in markets around the world. He joins from PayPal where, as Senior Vice President and General Manager for the Americas, he oversaw dramatic growth in the customer base as well as in revenues while he opened new markets. Previously, he was the CEO of Citibank’s multi-billion dollar international consumer credit card business, spanning over 50 countries. Mr. Eger is an expert in growing businesses where technology and finance converge through maximizing benefits for retail consumers in both developed and emerging markets. At OANDA, he will be focused on driving new solutions to meet the continually changing needs of its international client base.
Krishna “Kittu” Kolluri, Chairman of the Board, comments, “It is testimony to OANDA that we are now able to attract the caliber of talent that Ed brings. OANDA is on the cusp of becoming a major global brand and with an IPO on the horizon, Ed is the right person to take this business forward. His role is to bring our customers the best service and tools in the world and develop our organization to be able to cater to a rapidly growing, international audience. OANDA has a phenomenal history of successful and visionary innovation and this history will be crucial to our future. K Duker has played a vital interim role in implementing a core foundation for growth and I am delighted he will continue to be part of this firm.”
Michael Stumm, OANDA Founder and Board Member, comments, “Ed’s arrival means OANDA customers will continue to experience all the things they have traditionally loved about OANDA – efficient trading, superb pricing and excellent customer service – while bringing new innovative products and services to OANDA’s expanding customer base.”
K Duker, interim CEO and OANDA executive committee member, says, “This is a wonderful coup for OANDA. Ed has a world-class reputation for leadership and growing his people. He deeply understands the new paradigm where disruptive technology converges with finance. He has rare and proven experience in driving customer-focused technology in developed and emerging markets around the world and has my total support.”
The CEO appointment comes on the heels of other significant executive additions at the firm. OANDA expanded its board to include notable industry executives Renato Fassbind, Independent Non-Executive Director at HSBC, Mich Mathews, former CMO and SVP of Microsoft Corp, and Kuno Kennel, Chairman of the Board at Schwyzer Kantonalbank. OANDA also added Vatsa Narasimha as Chief Strategy Officer and Graeme Whittington as Chief Technology Officer. K Duker, interim CEO, will remain with the firm and on the executive committee. Through these changes and additional future executive level appointments, OANDA will be well positioned for future growth.
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