Australian retail FX firm FXTG has undergone some significant organizational changes recently, including the appointment of new CEO Elias Morales just last month.
LeapRate has conducted research that confirms the departure of Mr. Morales after only a matter of three weeks, along with six account managers who were made redundant, leaving just six staff at the company’s Australian operations.
FXTG’s recent corporate direction has included the sale of the company to Aviv Talmor in 2014 following the insolvency of its former parent company Dealserv, and its implementation of CEO Stavro D’Amore who resigned from his leadership position just over one month ago.
He was replaced by interim CEO Elias Morales, formerly of CMC Markets, however Mr. Morales’ tenure has lasted less than one month.
At the time during which FXTG was purchased from its previous owner Dealserv, new owner Aviv Talmor also bought Cyprus entity Sky FX from Dealserv, and instigated Jonathan Frankenstein as CEO.
As part of this latest restructure, Mr. Frankenstein has now left the firm, along with the group’s PR Director Tanya West.
LeapRate spoke to FXTG senior management today regarding the current restructuring, with the company’s spokesman stating “Elias Morales was an interim CEO and was never permanent, and operations are still running here.”
The spokesman confirmed that Rafael Bar Lev, the company’s Global Vice President who was appointed in January this year, is completing a current project at FXTG’s Australian operations, and currently the company is reviewing his tenure in Australia, with the possibility of relocating to Cyprus to assume a position within another part of the group, and an equal possibility of remaining in his current position.