Ron Hoffman, the Group Chief Executive Officer (CEO) of Finalto Group, and Liron Greenbaum, the Group Chief Operating Officer (COO), have departed from the financial solutions providers after over seven years, Finance Magnates learned exclusively on Friday. Finalto Group has also tapped Matthew Maloney, who has been the CEO of Finalto Financial Services and Finalto Trading since February 2021, to take over from Hoffman as the new Group CEO.
Hoffman joined Finalto (previously called TradeTech Group) in 2015 from the gaming company, Playtech, where he was the Chief Financial Officer (CFO). Previously, Finalto was the financial services division of Playtech.
Hoffman spent 13 years at Playtech, rising through the ranks from being the CFO of Sciplay to becoming Playtech’s Vice President (VP) of Finance in 2004. He would later become the CFO of Playtech in December 2012.
Last year, Finalto Trading Limited appointed Hoffman as the Director of the firm alongside Jeremy Samuel Schlachter who was selected as the Finance Director of the former Playtech financial services division. In addition, Greenbaum joined Finalto Group in 2015 after departing Markets.com, a trading platform he co-founded. He was once the Vice President of Operations at Playtech between October 2007 and December 2008.
Meanwhile, Maloney is a financial industry veteran with over two decades of experience. He was previously the CEO of CFH Clearing Limited. Throughout his over 25 years career, Maloney has worked for top financial organizations, including TTT Moneycorp, FTSE International, the London Stock Exchange and PricewaterhouseCoopers.
As of press time, Finance Magnates is yet to get more details about the executives' moves from Finalto Group. The report will be updated accordingly as more details come in.
Finalto Sale
The departure of Hoffman and Greenbaum comes three months after Playtech completed the $250 million sale of Finalto to Hong Kong-based Gopher Investments.
The sale, which happened ahead of the July 15 deadline initially set for the acquisition, received the nod of Playtech's Board in September 2021.
Finance Magnates reports that proceeds from the sale were utilized to repay the outstanding balance of Finalto’s revolving credit facility, while the remaining were used for general corporate purposes.
Before the sale of Finalto, Playtech invested heavily in the financial services division acquiring CFH Clearing Limited and later Alpha Capital Markets for up to $150 million. Furthermore, the company acquired Markets.com for up to €458 million and established ProMarkets, which is a brand focused on high-net-worth individuals.
