CFDs broker Plus500 Ltd (LON:PLUS) today announces the proposed appointment of Professor Jacob A. Frenkel as Chairman of its Board of Directors. It is intended that he will succeed Penny Judd as Chairman following the conclusion of the 2021 Annual General Meeting (AGM) on May 4, 2021, subject to shareholder approval.

Penny Judd, Chair of the Board of Plus500 since April 2017, has notified the Board of her intention not to nominate herself for re-election at the AGM, in order to focus on other business interests and directorships.

Professor Frenkel is a renowned global economist and business leader, with a track record of over 40 years in global macroeconomics, during which time he has built up significant experience in leading and advising a number of high profile multi-national financial institutions. He was most recently the Chairman of JPMorgan Chase International, between 2009 and 2020.

Professor Frenkel also serves as Chairman of the Board of Trustees of the Group of Thirty (“G-30”), a private non-profit consultative group on international economic and monetary affairs. He also serves as Chairman of the Board of BrainStorm Cell Therapeutics Inc., since 2020, and has been Chairman of the Board of Governors of Tel Aviv University since 2013.

Prior to these roles, he was Chairman and CEO of the G-30, between 2001 and 2011, Vice Chairman of American International Group, Inc. (AIG) between 2004 and 2009, and Chairman of Merrill Lynch International, and Chairman of Merrill Lynch’s Sovereign Advisory and Global Financial Institutions Groups, between 2000 and 2004. Additionally, Professor Frenkel served for two terms as Governor of the Bank of Israel between 1991 and 2000.

Professor Frenkel was previously the Economic Counsellor and Director of Research at the International Monetary Fund, having been on the faculty of the University of Chicago, where he held the position of the David Rockefeller Professor of International Economics and served as Editor of the Journal of Political Economy.

Professor Frenkel holds a B.A. in economics and political science from the Hebrew University of Jerusalem, and an M.A. and Ph.D. in economics from the University of Chicago.

Professor Jacob A. Frenkel, Chairman-elect of Plus500, commented:

“I am proud and honoured to have the opportunity to become the proposed Chairman of Plus500 at such an exciting time. The Company has a strong and agile technology platform and a compelling vision to enable simplified, universal access to financial markets, as Plus500 evolves to become a multi-asset fintech group over time, by expanding into new markets and launching new products.

“I am looking forward to joining and leading the Company’s strong and diverse Board, with a view to ensuring that the business continues to deliver value for its stakeholders in the future.”

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