Adam Dodds, the co-founder of U.K. stock trading service Freetrade, is stepping down as CEO and leaving the company with immediate effect. He will be replaced by Viktor Nebehaj, the current chief operating officer. Dodds, who remains the largest individual shareholder in the company, will no longer be involved in the day-to-day operations but will continue to support Freetrade’s growth from the outside. As Freetrade enters the next stage of its growth trajectory, including plans to expand its product offerings and userbase, Dodds felt it was the right time to step down and pass the reins to Nebehaj.
Reflecting on the company’s journey from idea to over a million users with billions in assets, Dodds acknowledged the challenges Freetrade faced along the way. He expressed confidence in the company’s sustainable growth and profitability, stating that it is now in a position to compete with incumbent platforms in the U.K. Nebehaj, who will be taking over as CEO, praised Dodds’ leadership over the past eight years and expressed excitement about the opportunities ahead for Freetrade. With a talented and high-quality team, Nebehaj believes the company is well-positioned for success.
Freetrade experienced significant growth in recent years, evolving from a startup to a 150-person company with over 1.4 million users. The company faced challenges, including the impact of the GameStop stock-trading saga that led to a surge in retail trading activity. More recently, Freetrade had to make cost-cutting measures, including laying off 15% of its workforce, as it worked towards profitability. Despite these challenges, Freetrade raised £2.3 million in a crowdfunding round in 2021 and reported its first-ever profit in the first quarter of 2023.
Moving forward, Freetrade aims to expand its product offerings to include bonds, mutual funds, tax wrappers, and a web platform, while continuing to grow its U.K. userbase. Nebehaj, the incoming CEO, is optimistic about the opportunities ahead and believes that Freetrade is well-equipped to compete in the market. The company’s board chairman, Perry Blacher, expressed confidence in Nebehaj’s leadership and believes he is the right person to lead Freetrade into its next phase of growth. Despite facing challenges in the past, Freetrade remains focused on sustainable growth and profitability in the future.
Dodds’ departure marks the end of an era for Freetrade, as he played a key role in the company’s growth and development. As he steps down and passes the reins to Nebehaj, Dodds plans to support the company from the board while focusing on personal endeavors, such as spending time with his family and pursuing his pilot license. The transition in leadership comes at a pivotal moment for Freetrade, as it looks to capitalize on its recent successes and continue its growth trajectory in the competitive U.K. stock trading market.
