NAGA names new CEO, hires Sam Chaney as CCO, raises $8.2M
Hamburg based, social trading focused online broker NAGA Group (ETR:N4G) has announced a changeup to its senior management team, including the naming of a new CEO.
In a regulatory filing made today, NAGA indicated that co-Executive Director Michael Milonas will assume the role of Group CEO as well as Chief Strategy Officer, with current CEO Benjamin Bilski moving to focus on technology as Chief Information Officer.
The company has also hired longtime INFINOX executive Sam Chaney (pictured above), who joins NAGA as Chief Commercial Officer (CCO) to drive global growth in emerging markets. Mr. Chaney had served as Head of Sales Development for INFINOX for the past five years, and has also previously worked at Hantec Markets, and at OANDA.
The moves come after NAGA saw a significant decline in Revenues during the second half of 2022, leading to a loss for the year. (NAGA has yet to file its final 2022 results). The company reported that it had somewhat turned the corner in Q1-2023, returning to (EBITDA) profitability. NAGA shares (at €1.57) are down more than 80% since peaking near €9 in late 2021.
The company said that Michael Milonas has been instrumental to NAGA’s expansion and was responsible for the strategic development, distribution partnerships and the revenue growth. With his vast abundance of experience Michael Milonas builds, expands and manages NAGA’s global network of crucial and valuable partnerships.
Whilst in the earlier years, technology and products have been key and leading the strategy, the company added that NAGA’s growth phase is now driven by strategic partnerships. With completion and successful positioning of the NAGA Trader as one of the leading global, social trading networks and super apps, the company’s focus in this segment is now on deepening user understanding and efficiency in terms of big data analytics management. With his expertise, Benjamin Bilski looks back on an unparalleled track record in this field which will as well be key to increased rule and algorithmic/AI driven automation whilst scaling up the business going forward.
Against this background, NAGA has secured Sam Chaney an acclaimed expert in his field for the new position of CCO.
“We are delighted to announce the appointment of Sam Chaney as the new CCO for NAGA”, Michael Milonas says on behalf of the German Fintech company. “With a wealth of experience in the industry, Sam Chaney will be a valuable addition to the team.”
Sam Chaney’s experience in the financial services industry spans over two decades, with a deep understanding of the CFD/FX markets. He has previously held key leadership positions in a number of globally recognised brokers, where he demonstrated his expertise in driving value and growth through innovative strategies and solutions.
“I am extremely excited to be joining NAGA and being part of such an innovative and forward-thinking team,” said Sam Chaney. “The company’s vision to provide customers with a unique, user-friendly trading and investing experience, in combination with its commitment to product development, makes it a compelling work environment. I am excited to contribute to NAGA’s future growth and success and look forward to working with the team.”
In his new role as CCO, Sam will be responsible for driving NAGA’s global commercial strategy, leading sales, marketing, and business development initiatives, and building lasting relationships with partners and clients. Sam’s profound understanding of the financial services industry and his proven track record of success make him the ideal candidate to lead the commercial team and drive revenue growth.
With Sam Chaney on board, NAGA is well-positioned to explore new market opportunities and extend its reach in the fast-paced world of online trading.
In addition to Sam Chaney’s appointment, NAGA said that it is pleased to report the successful completion of a USD $8.2 million convertible bond financing round, announced in April, with one of NAGA’s current investors. This strategic move further solidifies its ambitious growth plans and confirms the shareholder’s faith in the company’s trajectory.