AtoZ Approved Forex Broker XTB has experienced changes with Jakub Malý departing from the company. Why did XTB CEO Jakub Maly leave the Broker?
11 January, AtoZForex – It has been reported that X-Trade Brokers Dom Maklerski SA listed on the Warsaw Stock Exchange and operating XTB.com decided to alter its management board. In particular, the supervisory board has decided to dismiss Jakub Malý who was acting as the president of the company.
XTB CEO Jakub Maly
X-Trade Brokers DM SA performs brokerage activities and is regulated by the Financial Supervision Commission. While XTB is the FCA regulated brokerage providing clients instant access to global CFD markets including FX, indices, commodities, shares and ETFs. The company is listed on the Warsaw Stock Exchange since May 2016.
Jakub Malý joined the company 10 years ago and has been occupying various positions throughout this period. Prior to becoming the member of the management board in 2012, Mr. Malý served as the director of the firm's branch in the Czech Republic during 5 years. In 2014, he got promoted and became CEO of XTB.
XTB weak performance
The decision to dismiss Jakub Malý came due to the fact that the board was not satisfied with the performance of the company. According to the release:
"This decision is a strategic and results from the efforts of the supervisory board to give shareholders adequate growth of the company. According to the supervisory board, the pace of implementation of strategic objectives and development group has so far been insufficient. Therefore, the council decided to make changes in the composition of the board of the company".
Following company's IPO in May, the stock price of X-Trade Brokers has been declining currently trading at zł. 7.00 range. This is 38% down compared to the initial trading price. Furthermore, XTB reported weak results in Q3 2016. That quarter showed revenues of zł. 42.8 million (USD $11.0 million). The figure was 55% down from last year’s Q3 revenues of zł. 95.7 million.
Stock Price of X-Trade Brokers Dom Maklerski SA. Source: Warsaw Stock Exchange
Who will represent the Board?
According to the decision of the supervisory board, the board will be comprised of 5 people including the President, Vice President, and three members of the board. In addition, Omar Arnaout and Philip Kaczmarzyk have been appointed to the board. Omar Arnaout is now the regional director for XTB Poland, Germany, Hungary, and Romania. While Plip Kaczmarczyk is the director of trading at XTB. Jakub Malý will be temporarily replaced by Jakub Zablocki, XTB co-founder.
XTB CEO Jakub Maly will be temporarily replaced by Jakub Zablocki, co-founder of X-Trade Brokers DM SA. Mr. Zablocki will be performing the duties of chairman of the board from the 10th of January 10 until the 10th of April 2017.
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