Plus500 chief executive Asaf Elimelech resigns with immediate effect
Plus500 chief executive Asaf Elimelech has resigned from the company with immediate effect, after four years at the helm.
The group’s chief operating officer, David Zruia, will assume the role of interim boss alongside his day to day responsibilities until a permanent replacement is found.
Elimelech has a notice period of 12 months and will remain with Plus500 in a “transitional role” alongside Zruia. He will also remain the director of certain subsidiaries until a permanent replacement is appointed.
The resignation comes after Plus500 enjoyed “exceptional” revenues and earnings in the first quarter. It reflected increased levels of customer activity as the coronavirus crisis hit.
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The spreadbetting platform increased revenues in the first quarter by 487 per cent to $316.6m. It is equivalent to 89 per cent of full year 2019 revenues, resulting in Ebitda of c. $231.6m for the quarter.
In a statement, Plus500 said the nomination committee of the board had initiated a process to appoint a new chief executive. The firm will consider internal and external candidates.
It added an appointment would be made “as soon as its practical subject to the constraints of the current Covid-19 pandemic.”
Chairman Penny Judd said: “Asaf Elimelech has been a significant part of Plus500’s success in recent years; we thank him for his contribution and wish him well for the future.”
“The Board believes that David Zruia is well qualified to act as Interim CEO during the transition period; he is an experienced manager with a deep understanding of the business who has demonstrated sound leadership during his time with Plus500.”