Freetrade, Britain's answer to Robinhood, says its CEO is stepping down

cnbc.com:

LONDON — The boss of U.K. stock trading service Freetrade is stepping down and leaving the company with immediate effect, the company told CNBC exclusively Monday.

Adam Dodds, who co-founded the company with business partners Davide Fioranell and Viktor Nebehaj in 2016, will be replaced by Nebehaj, currently Freetrade's chief operating officer, as CEO, pending customary regulatory approvals.

Dodds remains the largest individual shareholder in Freetrade, owning a roughly 12% stake, according to company filings. He won't be involved in the day-to-day operations of the company from now, however a Freetrade spokesperson said he'll continue to support the company's evolution from the «outside.»

Dodds felt it was the right decision to leave the company and have Nebehaj take the reins as it enters the next stage of its growth trajectory, which includes plans to push out new products including bonds and mutual funds, tax wrappers, and its web platform, as well as grow its core profitable U.K. userbase.

«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,» Dodds said in comments shared with CNBC. «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,» Dodds said.

Dodds added: «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