Brendan Callan becomes CEO of FXCM Group
After being in the Interim CEO role of FXCM Group for several months, Brendan Callan becomes CEO.
As expected by many, Brendan Callan, who was named Interim CEO of FXCM Group back in February this year, as the broker exited the United States retail FX market, has been promoted to CEO of FXCM Group. Mr Callan was previously the CEO and President of European Operations of FXCM Group since 2010.
In a press release today, FXCM announced the appointment of Mr Callan as CEO of FXCM Group.
In the meantime, the announcement does not say anything of the current management of FXCM Inc, which is now named Global Brokerage Inc (NASDAQ:GLBR). The publicly traded company owns 50.1% of FXCM Group, LLC (FXCM Group), according to their website.
As FinanceFeeds has reported, Drew Niv currently serves as Interim Chief Executive Officer at Global Brokerage Inc. While he is in this role, certain duties of the CEO are fulfilled by David Sakhai, Chief Operating Officer, and Kenneth Grossman, a Managing Director, and other members of senior management. Moreover, Mr Niv is set to pocket $3.2 million in case his contract is terminated without cause or in case he resigns for good reason.
Mr Niv has left his director position at Forex Capital Markets Limited (FXCM UK), as well as his director role at FXCM UK Merger Limited earlier this year. Effective March 9, 2017, Drew Niv is no longer a listed principal of Forex Capital Markets LLC (FXCM US), according to data from the United States National Futures Association (NFA).
Global Brokerage Inc is now facing uncertain times with regards to retaining its listing on NASDAQ. On May 2, 2017, NASDAQ sent a notification to Global Brokerage Inc informing the company that during the prior 30 consecutive business days the market value of its publicly held shares was less than $15 million. This value fails to satisfy the requirement for continued listing under The Nasdaq Global Select Market listing rules. The market value of the company’s publicly held shares has to exceed $15 million for ten consecutive business days between the issue of the notification and October 30, 2017, so that Global Brokerage may avoid delisting.