Lule Demmissie has stepped down as CEO of eToro’s US operations, and Andrew McCormick will replace her as Head of eToro US. The brokerage confirmed to Finance Magnates that McCormick will assume the new role on 1 August 2024.

Departure after 3 Years

“It’s been an incredible journey!” Demmissie noted while announcing her departure with a LinkedIn post. “Over the past three years, I’ve lived a thousand lives. I’ve gained invaluable experience and am immensely proud of the milestones we’ve achieved – from managing M&A integrations to securing key regulatory licenses and strengthening our US brand and strategy amid challenging macro conditions.”

Despite her departure, she will continue to be with the broker “in an advisory capacity for the remainder of the year.”

Demmissie took over as the CEO of eToro’s US operations in September 2023. She joined the broker from Ally Investing, where she served as President and oversaw the Ally Invest Securities, Ally Invest Advisors, and API business lines. Before Ally Invest, Demmissie worked for several other leading financial firms, including TD Ameritrade, Morgan Stanley, Merrill Lynch, and JPMorgan.

“I would like to take this opportunity to thank Lule for the significant contribution she has made in leading and building our US business over the past three years,” said eToro’s Co-founder and CEO, Yoni Assia. “She will be missed, but it is not yet goodbye.”

New Head at the Top

McCormick's appointment came as an internal promotion. He has been with the brokerage firm since the beginning of 2022 as the US Senior Counsel.

He started his career as a Litigation and Enforcement Associate at Eversheds Sutherland, where he spent almost seven years. Then, he joined E*TRADE as the Assistant General Counsel and was promoted to Director and Associate General Counsel. Following Morgan Stanley’s acquisition of E*TRADE, he became a Vice President and Regulatory Enforcement and Litigation Counsel for over a year at Morgan Stanley, where he handled retail-focused regulatory investigations.

The leadership changes happened when eToro has been considering going public on the US stock exchanges. Although the broker is yet to finalise its listing plans, it already failed to take the company public with a SPAC deal earlier.