LEADERSHIP UPDATE AND CEO SUCCESSION
LEADERSHIP UPDATE AND CEO SUCCESSION
Amsterdam, the Netherlands - Flow Traders N.V. (Euronext: FLOW) announces that Dennis Dijkstra has decided not toseekreappointmentas Chief Executive Officer and member of the Management Board. Mike Kuehnel, currentlyserving as Chief Financial Officer and member of the Management Board, will become Chief Executive Officer effective 1 February 2023.
Dennis Dijkstra has conveyed to the Supervisory Board his intention not to stand for reappointment to the Management Board at the 2023 Annual General Meeting. Dennis joined Flow Traders as Chief Financial Officer in 2009 and was first appointed Co-CEO in January 2014 and subsequently CEO in May 2019. He has been a member of the Management Board since Flow Traders’ IPO in 2015.
The Supervisory Board has unanimously decided that Mike Kuehnel will assume the role of Chief Executive Officer as of 1 February 2023. Mike was confirmed as a member of the Management Board and Chief Financial Officer in September 2021 having joined Flow Traders in August 2021. As Chief Financial Officer, Mike has been responsible for overseeing the Finance, Investor Relations and Tax functions, as well as the development of Flow Traders’ growth strategy. More recently, Mike has also been responsible for the Risk and Compliance functions. Mike has over twenty years of investment banking and strategy consulting experience in the global financial market infrastructure space.
In order to ensure an effective leadership transition, Dennis will hand over his responsibilities to Mike on 1 February 2023 and remain with Flow Traders in an advisory capacity until the end of April 2023. Mike, together with Folkert Joling, Chief Trading Officer and member of the Management Board, and in conjunction with the newly established global Executive Committee will focus on accelerating the execution of Flow Traders’ strategic growth agenda to create value for all stakeholders.
The Supervisory Board has initiated the search process for a new Chief Risk and Financial Officer.
Rudolf Ferscha, Chairman of the Supervisory Board of Flow Traders, commented:
“On behalf of the Supervisory Board, I would like to express our deepest gratitude to Dennis for his fourteen years of dedicated service to Flow Traders and his significant contribution to driving the company to where it is today. Under Dennis’ entrepreneurial leadership, Flow Traders has become one of the world’s leading liquidity providers and completing the successful IPO in 2015 is one of the many highlights of his extensive tenure. Dennis can look back with exceptional pride on his time at Flow Traders and we wish him every success with his future endeavors. We are delighted that Mike will assume the roleof Chief Executive Officer. He will,alongside Folkert and the newly established Executive Committee,ensure the delivery of Flow Traders’ ambitious growth strategy.”
Dennis Dijkstra, CEO of Flow Traders, added:
“I am incredibly proud to have led Flow Traders since 2014 andto have had the ability to work with such vibrantcolleagues. Flow Traders has grown across geographies, asset classes and teams, with the company going from strengthtostrength on its journey to becominganext generation global liquidity provider. I am truly privileged to have been part of this incredible success story. I have the utmost confidence in the Management Board and Executive Committee to lead the business through its next phase of development. I would like to thank all the current and past Flow Traders colleagues; none of this would have been possible without them and it has been an absolute pleasure to have been part of the team.”
Mike Kuehnel, CFO of Flow Traders, added:
“I am truly honored to be succeeding Dennis as CEO of Flow Traders and to lead this exceptionally talented global team. Flow Traders is a unique business with all the essential componentsin place to deliver on our ambitious strategic growth agenda. I am confident we can successfully leverage the numerous opportunities presented by the rapidly evolving financial markets.Naturally, I am delighted to be part of Flow Traders at such an exciting time and look forward to building a bright future with my passionate and talented colleagues.”
Flow Traders N.V.
Phone: +31 20 7996149
Phone: +31 20 7996125
About Flow Traders
Flow Traders is a leading global financial technology-enabled liquidity provider in financial products, historically specialized in Exchange Traded Products (ETPs), now expanding into other asset classes. Flow Traders ensures the provision of liquidity to support the uninterrupted functioning of financial markets. This allows investors to continue to buy or sell ETPs or other financial instruments under all market circumstances. We continuously grow our organization, ensuring that our trading desks in Europe, the Americas and Asia can provide liquidity across all major exchanges, globally, 24 hours a day. Founded in 2004, we continue to cultivate the entrepreneurial, innovative and team-oriented culture that has been with us since the beginning. Please visit www.flowtraders.com for more information.
Important Legal Information
This press release is prepared by Flow Traders N.V. and is for information purposes only. It is not a recommendation to engage in investment activities and you must not rely on the content of this document when making any investment decisions. The information in this document does not constitute legal, tax, or investment advice and is not to be regarded as investor marketing or marketing of any security or financial instrument, or as an offer to buy or sell, or as a solicitation of any offer to buy or sell, securities or financial instruments.
The information and materials contained in this press release are provided ‘as is’ and Flow Traders N.V. or any of its affiliates (“Flow Traders”) do not warrant the accuracy, adequacy or completeness of the information and materials and expressly disclaim liability for any errors or omissions. This press release is not intended to be, and shall not constitute in any way a binding or legal agreement, or impose any legal obligation on Flow Traders. All intellectual property rights, including trademarks, are those of their respective owners. All rights reserved. All proprietary rights and interest in or connected with this publication shall vest in Flow Traders. No part of it may be redistributed or reproduced without the prior written permission of Flow Traders.
This press release may include forward-looking statements, which are based on Flow Traders’ current expectations and projections about future events, and are not guarantees of future performance. Forward looking statements are statements that are not historical facts, including statements about our beliefs and expectations. Words such as “may”, “will”, “would”, “should”, “expect”, “intend”, “estimate”, “anticipate”, “project”, “believe”, “could”, “hope”, “seek”, “plan”, “foresee”, “aim”, “objective”, “potential”, “goal” “strategy”, “target”, “continue” and similar expressions or their negatives are used to identify these forward-looking statements. By their nature, forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors because they relate to events and depend on circumstances that will occur in the future whether or not outside the control of Flow Traders. Such factors may cause actual results, performance or developments to differ materially from those expressed or implied by such forward-looking statements. Accordingly, no undue reliance should be placed on any forward-looking statements. Forward-looking statements speak only as at the date at which they are made. Flow Traders expressly disclaims any obligation or undertaking to update, review or revise any forward-looking statements contained in this press release to reflect any change in its expectations or any change in events, conditions or circumstances on which such statements are based unless required to do so by applicable law.
Financial objectives are internal objectives of Flow Traders to measure its operational performance and should not be read as indicating that Flow Traders is targeting such metrics for any particular fiscal year. Flow Traders’ ability to achieve these financial objectives is inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond Flow Traders’ control, and upon assumptions with respect to future business decisions that are subject to change. As a result, Flow Traders’ actual results may vary from these financial objectives, and those variations may be material.
Efficiencies are net, before tax and on a run-rate basis, i.e. taking into account the full-year impact of any measure to be undertaken before the end of the period mentioned. The expected operating efficiencies and cost savings were prepared on the basis of a number of assumptions, projections and estimates, many of which depend on factors that are beyond Flow Traders’ control. These assumptions, projections and estimates are inherently subject to significant uncertainties and actual results may differ, perhaps materially, from those projected. Flow Traders cannot provide any assurance that these assumptions are correct and that these projections and estimates will reflect Flow Traders’ actual results of operations.
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Market Abuse Regulation
This press release contains information within the meaning of Article 7(1) of the EU Market Abuse Regulation.
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