Plus500 (LON: PLUS), an Israeli retail broker listed in London, today (Friday) announced the Senior Independent Non-Executive Director and External Director, Anne Grim has stepped down effective immediately. The move came as her three-year term in the position ended.

Exit of Plus500's Board Member

The broker pointed out that it intends to reappoint her in the role again later.

“The Company intends to convene an EGM later in 2023 for the reappointment of Ms. Grim as an independent Non-Executive Director and External Director, in accordance with the provisions of the Companies Law,” the broker stated.

Grim joined Plus500's board in 2020 following the approval from the company’s shareholders. She brought three decades worth of experience in the financial services sector to the table. Across her career, she has held senior roles at well-known financial institutions, such as American Express, Barclays and Wells Fargo, among others.

Replacement in Place

Furthermore, Plus500 announced the appointment of Prof. Varda Liberman as the Senior Independent Director, replacing Grim with immediate effect. Prof. Liberman is the broker’s Independent Non-Executive Director and Chair of the Regulatory & Risk Committee.

Plus500 offers a range of investment products, including forex and contracts for differences (CFDs) instruments and stocks, to its customers. It is one of the very few publicly listed CFDs brokers.

As Finance Magnates reported earlier, the revenue of the broker in the first half of 2023 dropped 28 percent to $368 million, which included $346 million in trading income and $22 million in interest income. However, its net profit for the six months jumped to $147 million from $126 million.

Meanwhile, the broker is repurchasing its ordinary shares from the market. It launched a $70 million share buyback program earlier this year and then pledged another $60 million to it. The initial share buyback, along with dividend distribution, was a part of the company’s $100 million distribution to its investors.