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After increasing its assets under administration by $1 billion in the past year, Sydney-headquartered investment platform Stake has announced a change of leadership with co-founder Matt Leibowitz stepping out of the CEO role he has held for seven years and into the position of executive director.
Leibowitz, who started Stake with Dan Silver in 2017 to offer more affordable and accessible brokerage and investment options to consumers, will be replaced by Jon Howie as CEO.
Howie joined the company last year as chief commercial officer and has more than two decades of financial services experience including leadership roles at Blackrock APAC, Macquarie Bank and VGI Partners.
In the position of executive director, Leibowitz will continue to shape Stake’s product and business strategy.
"Since 2017, Stake has had a profound impact in helping more people to engage with their finances and I’m incredibly proud of what our team has achieved," he says.
"Given the extent to which we’ve grown in recent years, I believe it’s time to bring in new leadership that can take us to the next level."
Leibowitz says Howie has had an incredible impact as chief commercial officer over the last six months, and he is excited to work with him in his new role as CEO.
"Jon shares our passion for encouraging better financial customer outcomes, plus an outstanding track record in scaling large financial services businesses," he says.
The group has built a customer base across Australia, New Zealand and the UK with $2.9 billion in assets under administration. In the past year, active user numbers have risen by 10 per cent, assets under administration have jumped by more than half, and the trading volume in ASX shares has grown by 20 per cent.
This growth follows the completion of a $90 million Series A round in the first half of 2022 with backing from investors Tiger Global and DST Global.
"Stake is an amazing business, driven by a clear mission to deliver better outcomes for ambitious investors," says Howie.
"Over the past six months, I’ve been inspired by Matt's incredible passion for Stake's customers, products and team members, and the level of professionalism and expertise across the organisation.
"I'm excited to continue driving new opportunities, while ensuring that Stake remains a founder-inspired business for decades to come."
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