Grant Foley to leave CMC Markets
Grant Foley, Chief Operating and Financial Officer, has informed the Board of his intention to leave CMC to pursue other opportunities.
Online trading services provider CMC Markets Plc (LON:CMCX) has just unveiled some changes concerning its senior management.
Grant Foley, Chief Operating and Financial Officer, has informed the Board of his plans to leave CMC to pursue other opportunities. Mr Foley has been with CMC for six years, having been appointed to the Board in 2013, and has been instrumental in taking the company from private to public ownership, and in guiding the Group through regulatory changes.
He currently intends to remain with the Group for the next six months to ensure a smooth transition and he remains on the Board. During that time, the Board will run a process to find a replacement for Grant Foley, including evaluation of both internal and external candidates.
Grant Foley, Chief Operating and Financial Officer commented:
“Having joined CMC ahead of preparations for the IPO, the business has transformed completely over the six years I have been CFO and COO. Now we have begun to see a stabilisation of client behaviour post ESMA, I feel the business is on a strong footing and it is time to hand over to someone else to take the business forward on the next leg of its journey.”
The Group also announced other management changes. As the Asia Pacific business becomes an increasingly important part of the Group, the Board proposes to appoint Matthew Lewis, Head of Asia Pacific and Canada, to the Board, subject to FCA approval. Mr Lewis has been with CMC’s Australian business for over 13 years in various trading and commercial roles across the Asia Pacific region and has been instrumental in leading CMC’s transformational ANZ Bank white label stockbroking partnership.
Separately, David Fineberg, currently Group Commercial Director, will be appointed Deputy Chief Executive Officer with immediate effect. His appointment is in recognition of his position as a senior leader of the business and the continued expansion of his role and responsibilities. He has worked for CMC for over 20 years in a number of trading roles before being appointed to the Board as Director of Trading in 2014 and subsequently Group Commercial Director in 2017.
Earlier today, CMC Markets posted a rather gloomy trading update, forecasting a drop of 37% in its CFD and spread-betting revenues in FY 2019. The decline was blamed on reduced client trading activity following the coming into force of ESMA product intervention measures.