The CEO of Freetrade, a UK stock trading service, has announced his immediate departure from the company today (Monday). Adam Dodds, who co-founded the company in 2016 alongside Davide Fioranell and Viktor Nebehaj, will be succeeded by Nebehaj, currently serving as Freetrade’s chief operating officer, pending customary regulatory approvals, as reported by CNBC.
Transitioning from Daily Operations to Support Growth Strategy
Dodds, who remains the largest individual shareholder with approximately 12% ownership, will no longer be involved in the day-to-day operations but will continue to support the company from an external position, according to a Freetrade spokesperson.
The decision for Dodds to step down was described as a strategic move to facilitate the company's next phase of growth. Freetrade aims to expand its offerings, including new products such as bonds and mutual funds, tax wrappers, and its web platform, while continuing to grow its profitable UK user base.
“When reflecting on the journey from idea to over a million users with billions in assets, it’s getting through the tough times you remember the most,” Dodds said in comments shared with CNBC. “We almost died so many times it’s hard to count.”
“Now, after putting up our first profitable quarter and with the business on a strong sustainable footing, it’s time to hang up my skates. Freetrade is default alive and ready to take on the incumbent platforms in the UK with self-sustaining growth,” Dodds said.
Strategic Response to Economic Pressures
This transition follows Freetrade's journey from its early stages as a startup seeking to disrupt wealth management to its current status as a company with over 1.4 million users and a workforce of 150 employees. The company experienced significant growth in 2020, attracting thousands of new users daily amid increased retail trading activity driven by events such as the GameStop stock-trading saga.
However, Freetrade has also faced challenges, particularly amid a more challenging macroeconomic environment. In 2022, the company announced workforce reductions, laying off 15% of its staff as part of efforts to achieve profitability. Dodds' departure marks a pivotal moment for Freetrade as it navigates these dynamics and charts its course for the future.
