LeapRate Exclusive… LeapRate has learned via regulatory filings made in Poland that Warsaw-based X Trade Brokers Dom Maklerski SA (WSE:XTB), which operates the XTB.com retail forex brokerage as well as the X Open Hub platform business, has decided to promote from within in replacing recently departed CEO Jakub Maly.
As was exclusively reported by LeapRate in early January, XTB decided to part ways with Mr. Maly after the company posted poor results in mid-2016, and saw its share price languish following the company’s IPO. XTB went public on the Warsaw exchange last May at a valuation of about $350 million. However the company’s shares have drifted downward, trading now in the zl 9.20 range, off about 20% from their zl 11.50 IPO price.
At the time, XTB co-founder Jakub Zablocki stepped in temporarily as CEO. The company also promoted Mr. Arnaout and Philip Kaczmarzyk to XTB’s Management Board. Mr. Arnaout had most recently been regional director for XTB Poland, Germany, Hungary and Romania. Mr. Kaczmarzyk is Director of Trading at XTB.
We expect the company to make a formal announcement shortly, introducing Mr. Arnaout as its new permanent CEO, and head of XTB’s four-person Management Board.
Omar Arnaout has been with the XTB group since 2007, starting as a Junior Dealer and working his way up the ranks since. He holds an MA degree in Banking and Finance from the Warsaw School of Economics.