US-based retail brokerage OANDA has announced that OANDA CEO Edmond Eger steps down. What do we know about the new CEO? What is his previous experience?
12 January, AtoZForex – One of the largest US retail Forex brokers OANDA has reported that it has made changes to its management board. The company has appointed Vatsa Narasimha as its new CEO. Mr. Narasimha is taking over the position from Edmond Eger.
OANDA is a retail brokerage supervised by multiple regulators, including Commodity Futures Trading Commission (CFTC), National Futures Association (NFA), Financial Conduct Authority (FCA), and Australian Securities and Exchange Commission (ASIC). The company offers its clients forex & CFD trading, corporate payments, and exchange rates services.
OANDA CEO Edmond Eger steps down
Edmond Eger joined the brokerage in 2014 from PayPal. At PayPal Mr. Eger served as Senior Vice President and General Manager for the Americas. While he was conquering new markets, he saw dramatic growth in the company’s customer base and in revenues. Prior to working at PayPal, he was CEO at Citibank.
Yet, Edmond Eger did not seem to be very successful at OANDA. UK branch of the company has been quite stagnant. Kittu Kolluri, Chairman of Oanda commented:
"I would first like to thank Ed for his tremendous leadership at OANDA. As CEO, Ed took a technology-driven approach to growing our services, increasing our market share, establishing record revenue and client growth, and taking customer and employee satisfaction to all-time highs. On behalf of the Board and our group of talented employees, we thank him for shaping OANDA into the business it is today".
New CEO Vatsa Narasimha
Referring to the new CEO of OANDA, Vatsa Narasimha has worked as CFO of the company during three years. Before taking that position, he served as a Principal of the Boston Consulting Group (BCG). Mr. Narasimha was helping financial institutions with corporate development, a variety of operational transformations, and overall to grow their businesses. Upon being designated as the new CEO, Mr. Narasimha commented:
"I’m thankful to Ed for his leadership over the last three years and proud of what we have been able to accomplish. As CEO, I will continue to expand OANDA’s trading, data, and cross-border payments businesses, retaining the steadfast OANDA commitment to exceptional technology and customer service".
Apart from Edmond Eger, other board members who have recently departed from the broker are Gavin Ward Head of China, Drew Izzo CMO, and Brian Myers VP Sales of OANDA Europe.
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