eToro picks ex-Ally Invest president Lule Demmissie as US CEO

Investment platform eToro has lined up a heavyweight executive to lead its growing US plans.

Lule Demmissie, the former president of commission-free US trading platform Ally Invest, is joining as eToro’s US CEO and will take over the strategic vision for all of eToro’s American operations.

“I have spent my career furthering the empowerment of retail investors and championing financial well being,” said Demmissie on her appointment. 

“eToro’s breakthrough blend of innovation in social investing, copy trading, as well as its groundbreaking efforts in digital assets is what drew me to this amazing brand and team.”

Before Ally Invest, Demmissie was managing director of investment products and digital guidance at TD Ameritrade, and before that worked at Morgan Stanley, J.P. Morgan, and Merrill Lynch.

As well as Demmissie’s appointment, eToro also promoted Guy Hirsch, previously the fintech’s US managing director, to managing director of the US and global NFT—a position in which he will take global charge of eToro’s upcoming NFT initiatives.

At the moment eToro’s US operations are limited to crypto and copy trading, however the company says trading volumes have grown considerably over the last year and it now plans to introduce zero commission trading later in 2021—something its new US CEO has significant experience in.

Along with new products, Demmissie will preside over all of eToro’s US activities, including investment, marketing, corporate governance and compliance.

eToro is currently in the process of going public as part of a reverse merger with a special-purpose acquisition company (SPAC) led by American businesswoman Betsy Cohen.

The deal, which was expected to complete in Q3 of 2021, will value eToro at over $10bn if it's successful.