The Supervisory Board of X-Trade Brokers Dom Maklerski S.A. at the meeting held on 10 January 2017 decided to make changes in the composition of the Company’s Management Board.

Mr. Jakub Maly was dismissed from the position of the Management Board’s President.  This decision is strategic and results from the need to ensure by the Supervisory Board proper dynamic of the Company’s value growth. The Supervisory Board believes that the pace of strategic goals realization and the capital group’s development has not been sufficient so far. Therefore the Board decided to make changes in the Management Board’s composition.

The Supervisory Board decided that the Management Board will consist of 5 people and  appointed Mr. Omar Arnaout (associated with XTB Group for many years, currently Regional Director of Poland, Germany, Hungary and Romania) for the position of the Member of the Management Board responsible for Sales with the rank of the Vice-President of the Management Board. Mr. Filip Kaczmarzyk (Trading Department Director since May 2015) was appointed for the position of the Management Board Member responsible for Trading.

Furthermore, Mr. Jakub Leonkiewicz, Chairman of the Supervisory Board, has resigned from the participation in the Board in agreement with Mr. Jakub Zabłocki, to enable him to take over as the Chairman of the Supervisory Board. Using the statutory powers, Mr. Jakub Zabłocki, has appointed himself as the Chairman of the Supervisory Board. At the same time, under the provisions of the Commercial Companies Code, the Supervisory Board delegated Mr Jakub Zabłocki to temporarily perform the duties of the President of the Management Board from 10^th January to 10^th April 2017.

‘The purpose for the Management Board for the upcoming periods is to accelerate the Company’s growth  by expanding the customers base, product offering and further penetration of existing market and acceleration of geographic expansion into new markets. Moreover, the situation on the financial markets in the 4th Quarter of 2016 has been favorable for us. We have observed high volatility on instruments which are relevant in our revenues structure, such as currency pairs EUR/USD and GBP/USD as well as index CFDs instruments based on DAX, Oil and Gold’ – said Jakub Zabłocki, Chairman of the Supervisory Board and Acting President of the Management Board of X-Trade Brokers Dom Maklerski S.A. ‘Implemented changes in the Management Board and the Supervisory Board are strategic and are designed to provide both immediate intensification of development processes as well as the continuity of key operational activities of the Company until these duties are taken over by the newly appointed President of the Management Board. Thanks to this taking over the duties in the Management Board will go smoothly, and the operational activities of XTB will be carried out without any disturbance, “- adds Jakub Zabłocki.