Days after it was confirmed that the Plus500 chief executive officer will be stepping down, this Israel-established brokerage revealed that twenty-five thousand shares had been repurchased. This announcement was forcibly confirmed after the London Stock Exchange posted the noteworthy contract. April 17th marked the date that Asaf Elimelech stepped down from his position as CEO. Under this agreement with Plus500 Board Members, Asaf was provided the option to sell off his shares. This is because of the Share Buyback Program implemented by Plus500, allowing for executives to deposit their respective stocks and receive significant paydays.
The Share Buyback Program with Plus500 began on February 12th, which prompted multiple executives to leave their roles for retirement. Employed civilians with this Israel-established brokerage were not anticipating that Asaf Elimelech would implement a similar strategy. When board members were provided the option to repurchase Asaf’s stocks, these individuals contacted the “Credit Suisse Securities Limited Group”. The CSSL have governed over the Share Buyback Program, ensuring that payouts to executives are unbiased.
It should be noted that Plus500 confirmed in February that $30 million in shares would be repurchased throughout a short period. It is expected that this iteration of the Plus500 Share Buyback Program will end by August 31st. Financial analysts anticipate that most executives with the Israel brokerage will cash out their shares amidst the coronavirus. It will provide them financial stability. However, this will leave Plus500 in a particular position of locating new executives that can operate the brand to expectations.
Plus500 CEO Stepping Down
The confirmation that Asaf Elimelech would terminate his position as CEO with Plus500 rocked the blockchain market. He is been a formidable force behind the growth of cryptocurrencies, which was accomplished with a reputable exchange and financial products. It should be mentioned that Asaf Elimelech posted his resignation, with a specialized clause the executives employment contract ensuring his termination is not immediate. Plus500 will be provided twelve months to locate a replacement, which is required by regulatory law throughout the United Kingdom and European Union. Consumers of the Plus500 exchange will have Asaf Elimelech acting as the title director until April 2021.
It should be mentioned that under the rule of Asaf Elimelech, Plus500 has maintained strong positions of growth. Throughout the 2018-2019 fiscal years, growth revenues increased by 487% at $316 Million. Plus500 has grown into one of the most notable cryptocurrency brands worldwide, with Asaf Elimelech leading the way for their growth.