The online contracts for differences (CFD) broker Plus500 announced that its managing director Gal Haber has notified the board of his decision to step down with immediate effect. Haber is also one of Plus500’s co-founders and former CEO of the company.
The Israeli-based broker noted that Haber will continue to provide consultancy services to the company in the future.
The company also announced that its Board is carrying out a selection process with a view to recruiting additional non-executive directors, to broaden its range to diversify its composition.
Penny Judd, Chairman of Plus500, commented:
The Board would like to thank Gal for his significant contribution to the establishment and development of Plus500, since the Company’s inception in 2008. Gal played a pivotal role as CEO in leading Plus500 through a successful IPO in 2013. Since then, the Company has built a strong operational and financial track record, with its market capitalisation increasing from approximately $200m at that time to approximately $2 billion as at the end of FY 2020, along with over $1 billion paid in dividends and share buybacks to the Company’s shareholders. We wish Gal well for the future and we look forward to working with him, on a consultancy basis, going forward.