FNG has learned that Israel-based online trading company eToro is making some management changes, replacing eToro USA CEO Lule Demmissie with Andrew McCormick.
Lule Demmissie joined eToro in 2021 – when at the time eToro was trying to go public on the NASDAQ through a SPAC merger – from Ally Invest, where she served as President and oversaw the business lines of Ally Invest Securities, Ally Invest Advisors and APIs .
Andrew McCormick has been with eToro since 2022, serving as Senior Counsel at eToro USA. Prior to eToro, Andrew was Vice President of Regulatory Enforcement and Legal Counsel at investment banking firm Morgan Stanley. He joined Morgan Stanley through the acquisition of eTrade, where Andrew was a Director, Associate General Counsel. He holds a Juris Doctor (JD), magna cum laude, from George Mason University – Antonin Scalia Law School.
The move comes at an interesting time for eToro as it once again considers going public, possibly in an IPO on the US market. eToro pulled plans to go public on the NASDAQ through a SPAC merger, as noted above, in mid-2022.
Lule Demmissie posted the following note on social media about her departure from eToro.
Today we announced to my eToro family that I am stepping down from my current role as US CEO. It was an incredible trip! In the past three years, I have lived a thousand lives. I have gained invaluable experience and am extremely proud of the milestones we have achieved – from managing M&A integrations to securing key regulatory approvals and strengthening our US brand and strategy amid challenging macroeconomic conditions.
True leadership also involves knowing when to pass the baton. So with that, I’m excited to see my colleague and dear friend Andrew McCormick step up as the new US Head for eToro. I look forward to supporting the company in an advisory capacity for the remainder of the year.
A sincere thank you to Yoni Assia, Shalom Berkovitz, Dr. Hedva Ber, Tal Ben-Simon and many others who believed in me. But most of all, I want to thank all my colleagues at eToro, with whom I have enjoyed working and forging lifelong friendships.
After a short well-deserved break, I’ll be back in the driver’s seat, continuing to support the private investor, innovate and more!
