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Screenshot of a breaking news alert e-mail from Q2 2017
FXCM Group LLC, the operating company now running the FXCM retail forex brand, has announced that it has named Brendan Callan as its CEO.
Mr. Callan was named interim CEO of FXCM back in February, following the abrupt resignation of FXCM co-founder Drew Niv from the operations of FXCM globally, after Mr. Niv (and FXCM) were banned from the US FX market for fraudulently misleading customers regarding the nature of the company’s market making activities.
Brendan Callan has been CEO of FXCM Europe through most of FXCM’s history. Following the recent sale of FXCM’s US client base to rival Gain Capital Holdings Inc (NYSE:GCAP) and its Forex.com unit, Mr. Callan already directly oversaw about half of FXCM’s operations.
FXCM Group LLC is now effectively controlled by Leucadia National Corp (NYSE:LUK), which holds a 63% economic interest in the operating company. Publicly traded Global Brokerage Inc (NASDAQ:GLBR), formerly FXCM Inc, owns the remainder.
We would note that Mr. Niv remains as interim CEO of GLBR, which officially is still searching for a replacement for him. GLBR received a Nasdaq delisting notice warning last week.
The full press release issued by FXCM Group LLC today reads as follows:
FXCM Group Names Brendan Callan as CEO
NEW YORK, May 15, 2017 (GLOBE NEWSWIRE) — FXCM Group, LLC (“FXCM Group”), a leading international provider of online foreign exchange trading, CFD trading, spread betting and related services, today announced that its Board of Directors has appointed Brendan Callan as Chief Executive Officer of FXCM Group. Mr. Callan, who joined FXCM Group in 2001, has been FXCM Group’s interim CEO since February 21, 2017.
“Leucadia National Corporation (NYSE:LUK) (“Leucadia”) and the FXCM Group board believe that Brendan is ideally suited to be FXCM’s CEO,” said Jimmy Hallac, chairman of the board of FXCM Group and Managing Director of Leucadia. “He combines deep knowledge of FXCM and its customers with the values that have served Leucadia’s investee companies so well: putting clients first, building a culture of transparency, communication and support among employees, and being responsive to all stakeholders.”
As interim CEO of FXCM Group, Mr. Callan successfully led the company after its withdrawal from the retail foreign exchange business in the U.S. Mr. Callan was previously the CEO and President of European Operations of FXCM Group since 2010, a period during which Mr. Callan developed Forex Capital Markets Limited (“FXCM UK”) into FXCM Group’s largest operating subsidiary.
“I am extremely excited for the opportunity to continue building upon FXCM’s global platform,” said Mr. Callan. “We will continue to work diligently to establish FXCM as the leading online retail FX and CFD trading venue in each of the regions we operate. We intend to do so by addressing the needs and goals of our customers, employees, regulators, business partners and equity owners.”
Rich Handler, Chief Executive Officer, and Brian Friedman, President of Leucadia, both of whom also serve as board members of FXCM Group, stated: “We have been impressed by Brendan’s leadership and steady hands over these last few months and reaffirm our long-term commitment to FXCM. We believe that, together, Leucadia and FXCM can further strengthen FXCM’s platform and are excited about FXCM’s prospects for success.”