Plus500 appoints former JP Morgan bigwig as new chairman
Plus500 today said it has appointed the former head of JP Morgan Professor Jacob Frenkel as its new chairman.
The online trading platform has proposed for Frenkel to succeed current chair Penny Judd following the company’s annual general meeting on 4 May, subject to shareholder approval.
Frenkel has built a reputation as one of the world’s leading economists, with a track record of more than 40 years in global macroeconomics.
The Israeli academic served as chairman of JP Morgan until last year and holds a string of other board positions.
Previous roles include chairman of both AIG and Merrill Lynch. He also served two terms as governor of the Bank of Israel between 1991 and 2000.
Judd, who has served as Plus500 chair since April 2017, has notified the board that she will not seek re-election in order to focus on other business interests and directorships.
During her tenure the company has navigated a number of regulatory changes and moved from London’s Aim market to the FTSE 250.
More recently the firm has cashed in on volatile trading during the pandemic and the Gamestop frenzy, posting a record performance in 2020.
Plus500 chief executive David Zruia said: “Professor Frenkel’s significant experience and knowledge of the financial services sector will be a huge asset for Plus500, as we enter a new phase of development, evolving into a multi-asset fintech group over time.
“With Professor Frenkel as our proposed new chairman, I believe we are very well placed to access a number of major growth opportunities in the future, thereby delivering value for Plus500 and our shareholders over the coming years.
“I would also like to take this opportunity, both personally and on behalf of the board, to wish Penny Judd all the best for the future. Penny has helped to lead continued improvement in our governance approach and practices. Her guidance, support and advice will be greatly missed.”