3 April 2019
CMC Markets Plc
Director Changes
CMC Markets Plc (LSE: CMCX, "CMC" or the "Group"), a leading global provider of online trading, today announces a number of changes to the Board of Directors.
Grant Foley, Chief Operating and Financial Officer, has informed the Board of his intention to leave CMC to pursue other opportunities. Grant 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. Grant 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 rigorous process to find a replacement for Grant, including evaluation of both internal and external candidates.
The Group would also like to announce today 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. Matthew 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. David's appointment is in recognition of his position as a senior leader of the business and the continued expansion of his role and responsibilities. David 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.
Peter Cruddas, Chief Executive Officer commented:
"Grant has been an integral part of CMC's development over the last six years, including the 2016 IPO, and he leaves the Group in a strong position. I wish Grant the very best for the future and I would like to thank him for doing an excellent job.
"Following the successful integration of the ANZ Bank stockbroking white label transaction, our Asia Pacific business is now a much more meaningful part of the overall Group. Having played a key role in developing this business, the Board believes that now is the right time for Matthew to join the Board, with him providing a deep market understanding to support further growth in the Region.
"I am extremely pleased and excited for David in his new role and I look forward to working alongside him to develop the business over the coming years. His insights and understanding of this business and our markets after 20 years at CMC are second to none and he thoroughly deserves this new role."
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."
Enquiries
CMC Markets Plc +44 (0) 20 7170 8200
[email protected]
Camarco +44 (0) 20 3757 4980
Geoffrey Pelham-Lane
Ed Gascoigne-Pees
Jennifer Renwick
Forward looking statements
This trading update may include statements that are forward looking in nature. Forward looking statements involve known and unknown risks, assumptions, uncertainties and other factors which may cause the actual results, performance or achievements of the Group to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. Except as required by the Listing Rules and applicable law, the Group undertakes no obligation to update, revise or change any forward looking statements to reflect events or developments occurring after the date such statements are published.
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation ("MAR"). Upon the publication of this announcement via Regulatory Information Service ("RIS"), this inside information is considered to be in the public domain.
Notes to Editors
Grant Foley
Grant remains on the Board of Directors and in accordance with the Listing Rules, an announcement will be made when a date for him to step down has been determined.
Matthew Lewis
Matthew Lewis serves as the Head of Asia Pacific and Canada at CMC Markets Plc. Matthew is responsible for implementing CMC's business strategies across the Asia Pacific region for both retail and institutional CFD and foreign exchange business. He is also responsible for CMC's Australian stockbroking business. Matthew joined CMC in September 2005 and has held a variety of roles including Senior Dealer, Head of Eastern Equities, Head of Sales Trading ANZ, Head of Trading Eastern Region and Director of Asia. Prior to joining CMC, he worked for Commonwealth Securities, Australia's largest provider of retail financial services, dealing in equities before moving into derivatives as an options trader and warrants representative.
David Fineberg
David joined the Group in November 1997 working on the trading desk and developed the Group's multi asset CFD and spread bet dealing desk. As a senior dealer he was responsible for managing the UK and US equity books. Between April 2007 and September 2012 he was the Group's Western Head of Trading, covering all asset classes for the western region. In September 2012 David was appointed to the role of Group Head of Trading and in January 2014 was appointed as the Group Director of Trading, with overall responsibility for the trading and pricing strategies and activities across the Group. In June 2017 his role further expanded when he became Group Commercial Director.
About CMC Markets plc
CMC Markets plc, whose shares are listed on the London Stock Exchange under the ticker CMCX (LEI: 213800VB75KAZBFH5U07), was established in 1989 and is now one of the world's leading online financial trading businesses. The company serves retail and institutional clients through regulated offices and branches in 14 countries, with a significant presence in the UK, Australia, Germany and Singapore. CMC Markets offers an award-winning, online and mobile trading platform, enabling clients to trade up to 10,000 financial instruments across shares, indices, foreign currencies, commodities and treasuries through contracts for difference ("CFDs"), financial spread bets (in the UK and Ireland only) and, in Australia, access stockbroking services. More information is available at http://www.cmcmarkets.com/group/
