Andrew McCormick Takes the Helm as CEO of eToro USA

The Israel-based online trading firm eToro, is undergoing a significant leadership change in its U.S. operations. Effective August 1, 2024, Andrew McCormick will step into the role of CEO of eToro USA, succeeding Lule Demmissie, who has held the position since 2021.

Lule Demmissie, who joined eToro during its ambitious attempt to go public via a SPAC merger on NASDAQ, announced her departure with a message on social media. "Today we announced to my eToro family that I am stepping down from my current role as US CEO. It's been an incredible journey! Over the past three years, I've lived a thousand lives. I've gained invaluable experience and am immensely proud of the milestones we've achieved - from managing M&A integrations to securing key regulatory licenses and strengthening our US brand and strategy amid challenging macro conditions," she wrote. Despite stepping down, Demmissie will continue to support eToro in an advisory capacity for the remainder of the year.

Andrew McCormick, who has been with eToro since 2022 as Senior Counsel, is set to bring his extensive legal and regulatory experience to his new role. Before joining eToro, McCormick served as VP Regulatory Enforcement and Litigation Counsel at Morgan Stanley, a position he secured following Morgan Stanley's acquisition of E*TRADE, where he was a Director and Associate General Counsel. McCormick's career began at Eversheds Sutherland, where he spent almost seven years as a Litigation and Enforcement Associate.

Yoni Assia, Co-founder and CEO of eToro, expressed his gratitude for Demmissie's contributions, stating, "I would like to take this opportunity to thank Lule for the significant contribution she has made in leading and building our US business over the past three years. She will be missed, but it is not yet goodbye."