Oanda replaces its CEO, brings in PayPal veteran
Oanda replaces its CEO, brings in PayPal veteran explained by professional Forex trading experts the “Oanda replaces its CEO, brings in PayPal veteran” FX trading team.
Oanda replaces its CEO, brings in PayPal veteran
After replacing its CFO, and appointing a new CMO, Chief Strategy Officer and new Chief Technology Officer, now comes the big one. Oanda is replacing CEO K Duker with Ed Eger. Eger joins Oanda from PayPal (an eBay company, NASDAQ:EBAY) where, as Sr VP and General Manager for the Americas, he oversaw dramatic growth in PayPal’s customer and revenue base. Previously, Eger was the CEO of Citibank’s multi-billion dollar international consumer credit card business. Oanda terms Eger as ‘an expert in growing businesses where technology and finance converge’. Sounds like it.
Word is that both volumes and revenues have been stagnant at Oanda the past couple of years as it has been passed by by rivals Forex.com (Gain Capital, NYSE:GCAP) and FXCM (NYSE:FXCM), leading to the management changes as well as strategic moves such as Oanda’s acquisition of social trading site Currensee.
We also understand that the company’s goal of going public simply was not going to be achieved by the exiting management team, leading to the changes described above, as well as an effort to beef up Oanda’s board of directors to resemble that of a public company. Current Oanda board members include Renato Fassbind, Independent Non-Executive Director at HSBC, Mich Mathews, former CMO and SVP of Microsoft Corp, and Kuno Kennel, Chairman of the Board at Schwyzer Kantonalbank.
K Duker is apparently staying with the company for now — moving to the title ‘Interim CEO’ until Ed Eger fully assumes his duties. However we assume that his days at Oanda are effectively over.
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