UK neobroker Freetrade has announced that it has made a change at the top of its management C-Suite, with company co-founder Adam Dodds stepping down from his role as CEO.

Adam Dodds has been the only CEO Freetrade has known since co-founding the company in 2016. One of Freetrade’s other co-founders, COO Viktor Nebehaj (pictured above), will take the reins as CEO. Adam Dodds remains Freetrade’s largest shareholder, at about 12%.

Freetrade is an app-based stockbroker based in the UK, providing an execution-only trading platform to retail customers. Customers are able to purchase instruments listed on exchanges in the United Kingdom, United States and Europe without paying commission fees. Customers can choose one of Freetrade’s simple subscription pricing plans that is best suited to their investment needs, and hold their investments in either a General Investment Account (GIA), a stocks and shares Individual Savings Account (ISA) or a Self-Invested Personal Pension (SIPP).

While Freetrade has not yet formally released its 2023 financials, it is believed that the company lost £8.3 million (USD $10.4 million) in 2023, a significant improvement from a £39.8 million loss in 2022. The company also revealed that it recently had its first ever profitable quarter.

Freetrade’s 2023 Revenues of £21.6 million were 38% above its 2022 Revenues of £15.6 million. The company now has reportedly 150 employees, and over 1.4 million users.

In a statement made to US business news site CNBC, Adam Dodds stated,

“When reflecting on the journey from idea to over a million users with billions in assets, it’s getting through the tough times you remember the most. We almost died so many times it’s hard to count.

“Now, after putting up our first profitable quarter and with the business on a strong sustainable footing, it’s time to hang up my skates. Freetrade is default alive and ready to take on the incumbent platforms in the UK with self-sustaining growth.

“I’m very happy to say Viktor will be stepping up to take over the helm as CEO. I’ll be doing everything I can to support him and the company from the board. As for me I’m looking forward to getting to know my kids better, annoying my wife on the farm, and finally getting my pilot license.”

Freetrade’s new CEO Viktor Nebehaj added,

“It’s natural that different stages of a company’s growth require different leaders.

“With our first profitable quarter behind us, I’m excited about the size of the opportunity ahead. Our talented and high-quality team is building the right product for our customers.”