The CEO of eToro’s US entity has stepped down.
Lule Demmissie announced via social media on Tuesday that she had made the move, having spent three years at the broker.
Demmissie joined the company in 2019, not long after it had acquired a license to operate in the US.
Prior to joining eToro, she was at rival US broker TD Ameritrade for almost a decade. She also had a nearly 10-year long stint at investment bank Morgan Stanley.
In her post, Demmissie said that Andrew McCormick will fill her role as the head of eToro US. McCormick has been Senior Counsel at the broker’s US entity for almost three years and has prior experience at E*TRADE and Morgan Stanley.
eToro has tried to make headway in the US over the last five years but has faced tough competition from the likes of Robinhood and Webull.
The company acquired a start up options broker – Gatsby – for $50m in 2022 and has since expanded its product offering to allow customers to trade in listed derivatives.
