CEO Of eToro US Operations Lule Demmissie Steps Down, Passes 'The Baton' To Andrew McCormick

CEO of eToro US Operations, Lule Demmissie, steps down and transitions to advisory role through 2024. Andrew McCormick to take over as US head.

eToro is in the spotlight as its CEO of U.S. Operations, Lule Demmissie, announced her decision to step down and transition to an advisory role for the company through 2024.

In a LinkedIn announcement, Demmissie expressed gratitude for her journey at eToro, highlighting achievements in managing M&A integrations, securing essential licenses, building the eToro brand, and navigating challenging macroeconomic conditions.

"True leadership also involves knowing when to pass the baton. So, with that, I am thrilled to witness my colleague and dear friend Andrew McCormick ascending as the new U.S. head for eToro," she said.

Demmissie, who joined eToro in 2021 after serving as president of Ally Financial Inc's ALLY Ally Invest, emphasized eToro’s unique positioning in an increasingly asymmetric world. She noted the platform’s innovative social and copy-trading features stood out in harnessing the collective wisdom of its users.

McCormick, who brings experience from E*Trade and Morgan Stanley, will build on Demmissie’s foundation, expanding eToro’s presence in the U.S. and enhancing its offerings.

"The fact that eToro had social at the heart of it, to me, was recognition; they were bringing in the wisdom of the crowd into the architecture of the product," Demmissie previously said. "My vision, one day, is essentially we're in the U.S. sitting here, and you're able to copy trade some genius strategist sitting in Nepal somewhere."

eToro co-founder and CEO Yoni Assia appreciated Demmissie’s contributions, noting, "She will be missed, but it’s not a farewell yet. Lule will continue to advise us on our US strategy through 2024. We wish her all the best in her future endeavors."

In comments to Benzinga, eToro highlighted plans for expanding its options offerings and developing comprehensive educational tools to support smarter and more efficient trading.

As for Demmissie, she plans to take a break before diving back into a role that allows her to continue advocating for retail investors, believing that "ownership creates empowerment."

Read Next:

• Flat Retail Sales Report Shows ‘A More Discerning Consumer’ Keeps Spending, Economists Say

Photo courtesy of eToro.