UK broker Freetrade has announced a change at the top of its C-Suite management, with company co-founder Adam Dodds stepping down from his role as CEO.
Adam Dodds is the only CEO Freetrade has known since he co-founded the company in 2016. One of Freetrade’s other co-founders, COO Viktor Nebehaj 9 pictured above), will take over as CEO. Adam Dodds remains Freetrade’s largest shareholder, with around 12%.
Freetrade is a UK-based app-based broker providing an execution-only trading platform to retail clients. Customers can buy instruments listed on stock exchanges in the United Kingdom, the United States and Europe without paying commissions. Customers can choose one of Freetrade’s simple subscription pricing plans that best suits their investment needs and hold their investments in either a General Investment Account (GIA), an Individual Savings Account (ISA) or a Self-Invested Personal Pension (SIPP).
While Freetrade has yet to officially release its 2023 financials, it is believed the company lost £8.3 million (US$10.4 million) in 2023, a significant improvement from a loss of £39.8 million in 2022. company also revealed that it recently had its first profitable quarter.
Freetrade’s 2023 revenue of £21.6m was 38% higher than 2022 revenue of £15.6m. The company reportedly now has 150 employees and over 1.4 million users.
In a statement to US business news site CNBC, Adam Dodds said:
“When you think about the journey from idea to over a million users with billions of assets, it’s the tough times that you remember the most. We almost died so many times it’s hard to count.
“Now that we’ve started our first profitable quarter and with the business on a strong sustainable footing, it’s time to hang up my skates. Freetrade is default live and ready to take on existing UK platforms with self-sustaining growth.
“I am very pleased that Victor will be stepping up to take the helm as CEO. I will do everything I can to support him and the company from the board. As for me, I’m looking forward to getting to know my kids better, bothering my wife on the farm and finally getting my pilot’s license.”
New Freetrade CEO Viktor Nebehaj added,
“It is natural that different stages of a company’s development require different leaders.
“With our first profitable quarter behind us, I am excited about the size of the opportunity ahead of us. Our talented and high-quality team builds the right product for our customers.”