Adam Dodds, the CEO of UK stock trading service Freetrade, is stepping down and leaving the company with immediate effect. He co-founded the company in 2016 with business partners Davide Fioranell and Viktor Nebehaj. Nebehaj, currently the chief operating officer, will be replacing Dodds as CEO pending regulatory approvals. Dodds will continue to support the company’s evolution as the largest individual shareholder with a roughly 12% stake but will not be involved in day-to-day operations.
Dodds felt that it was the right decision to leave the company as it enters the next stage of growth, which includes plans to release new products such as bonds and mutual funds, tax wrappers, and a web platform, as well as expanding its U.K. userbase. Dodds reflected on the challenges the company faced on the journey to over a million users with billions in assets, stating “We almost died so many times it’s hard to count.” With Freetrade on a strong sustainable footing after a profitable quarter, Dodds believes it’s time to step down and hand over the reins to Nebehaj.
Nebehaj, Freetrade’s incoming CEO, praised Dodds’ eight-year tenure as CEO and expressed excitement about the opportunities ahead. With the first profitable quarter behind them, Nebehaj is confident in the team’s ability to build the right product for customers. Freetrade’s board chairman, Perry Blacher, believes that Nebehaj is well-positioned to lead the company to continued success.
Dodds’ departure comes after a tumultuous few years for Freetrade. The company experienced rapid growth, going from a scrappy startup to a 150-person company with over 1.4 million users. In 2020, Freetrade saw a surge in users amidst the GameStop stock-trading saga. More recently, the company had to make layoffs in order to move towards profitability and raised funds through a crowdfunding round. Despite challenges, Freetrade reported its first-ever profitable quarter in March, with revenues reaching £6.7 million.
Overall, Dodds’ decision to step down as CEO of Freetrade marks a significant transition for the company as it continues to navigate the changing landscape of the stock trading industry. Under Nebehaj’s leadership, Freetrade aims to grow its userbase, release new products, and build on its recent success with a profitable quarter. The company’s ability to adapt and thrive in the face of challenges bodes well for its future prospects in the UK stock trading market.
