Social trading platform eToro has announced that Andrew McCormick will soon assume the CEO role of US Operations. The move follows the decision by Lule Demmissie to step down and focus on a strategic advisory position at eToro for the remainder of the year.
Andrew McCormick Named New US Chief at eToro
McCormick is an internal hire with a wealth of experience from his time at Morgan Stanley and E*Trade. Since joining eToro in early 2022, he has acted as Senior Counsel but will now be tasked with continuing the recent work done by his predecessor to grow the company’s presence in the US while developing its services.
Demmissie previously worked as president of Ally Financial Inc.’s Ally Invest. She joined eToro in 2021 and quickly made her presence felt with some successful M&A integrations and the procurement of key licenses. This success played out against a backdrop of challenging macroeconomic conditions, making it difficult to drive consistent growth.
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eToro, which allows investors to trade and invest in 5,000+ assets, has differentiated itself with its core social trading tools. Demmissie said having “crowd wisdom” built into the product design is crucial to its success. She added:
My vision is for a future where, from the US, you can [copy trade] a brilliant strategist based anywhere in the world.
eToro co-founder and CEO Yoni Assia hailed Demmissie’s achievements and said she “will be missed”. However, it’s not a clear-cut departure just yet. Demmissie will remain at the company for the rest of 2024 to offer advice on US strategy. eToro is planning to enhance its suite of educational tools and expand options offerings to help clients make smarter trades.
