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Plus500 CEO to step down, COO takes helm temporarily

Reuters
·1-min read

(Reuters) - Online trading platform Plus500 <PLUSP.L> said on Monday Chief Executive Officer Asaf Elimelech would step down after a four-year tenure, a period marked by the introduction of stricter rules on retail trading and high volatility.

Chief Operating Officer David Zruia will assume the role of interim CEO until a successor is appointed, the company said.

While online trading platforms were slammed by the tough trading rules introduced since 2018, this year has been remarkable in terms of trading volumes as a coronavirus-led selloff in financial markets and the oil price crash have driven up volatility.

Elimelech, an Israeli who joined Plus500 in 2012, has been at the helm since 2016. Under him, the shares have more than tripled.

(Reporting by Muvija M in Bengaluru; Editing by Sriraj Kalluvila)