GAIN Capital Group, a provider of foreign exchange (forex) trading and services for institutional and individual investors, yesterday announced that Mark Galant, the company’s founder, chairman and chief executive officer, has stepped down as CEO but remains engaged as chairman of the board. Glenn Stevens, previously managing director at GAIN, has been elected as the new CEO.
Stevens has more than 20 years of experience in the foreign exchange market. Prior to joining GAIN in February 2000, Glenn was managing director/head of North American FX sales and trading at Natwest Bank. Before Natwest, he was a managing director and chief FX dealer at Merrill Lynch. Glenn's FX career began in 1984 at Bankers Trust Company.
"Transferring the day-to-day CEO responsibilities to Glenn allows me to assume a more strategic role," comments Mr. Galant. "Glenn has been the second in command for almost eight years, and he has contributed significantly to the company's success to date. Glenn's track record at GAIN, deep knowledge of the forex market and proven leadership skills make him the natural choice to be GAIN's next CEO," continues Mr. Galant. "With the rest of GAIN's management team, I am confident the company is well-positioned for the next stage in its development."
Mr. Galant founded GAIN Capital in October 1999 and led the company to extraordinary growth during his tenure as CEO. The company has reported revenue growth of 65% or more for the past six consecutive years (2001-2006), including revenue growth of 90% for the fiscal year ending December 31, 2006, the firm's fastest year-over-year growth since 2002.
"Mark's strategic vision and entrepreneurial energy has propelled the firm from concept to a market leader in a rapidly growing and highly competitive industry," comments Chris Sugden, a member of GAIN Capital's board of directors and general partner at Edison Venture Fund. "We thank him for his leadership over the past eight years and look forward to his continued involvement as chairman."