FNG has learned that Israel based online trading firm eToro is making some changes to its management ranks, replacing the CEO of eToro USA, Lule Demmissie, with Andrew McCormick.

Lule Demmissie joined eToro in 2021 – when at the time eToro was attempting to go public on NASDAQ via a SPAC merger – from Ally Invest, where she served as President and oversaw the Ally Invest Securities, Ally Invest Advisors and API business lines.

Andrew McCormick has been with eToro since 2022, serving as Senior Counsel at eToro USA. Prior to eToro, Andrew was VP Regulatory Enforcement and Litigation Counsel at investment banking firm Morgan Stanley. He joined Morgan Stanley via its acquisition of eTrade, where Andrew was a Director, Associate General Counsel. He holds a Doctor of Law (J.D.) degree, magna cum laude, from George Mason University – Antonin Scalia Law School.

The move comes at an interesting time for eToro, when it is once again looking at going public, possibly in a US-market IPO. eToro pulled plans to go public on NASDAQ via a SPAC merger, as noted above, in mid 2022.

Lule Demmissie posted the following note on social media regarding her departure from eToro.

Today we announced to my eToro family that I am stepping down from my current role as US CEO. It’s been an incredible journey! 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.

True leadership also involves knowing when to pass the baton. So with that, I am thrilled to witness my colleague and dear friend Andrew McCormick ascending as the new US head for eToro. I look forward to supporting the firm in an advisory capacity for the remainder of the year.

A heartfelt thank you to Yoni Assia, Shalom Berkovitz, Dr. Hedva Ber, Tal Ben-Simon and so many more for believing in me. But above all, I want to thank all my eToro colleagues whom I loved working with and forging lifelong friendships.

After a well-deserved short break, I will be diving back into the operator seat continuing to advocate for the retail investor, innovating and much more!