A significant transition has occurred within the Capex/NAGA Group, marking the end of a long and notable tenure for an executive whose contributions have shaped the organization over the past decade. The individual, who served as both the Group Chief Operating Officer and Deputy Chief Executive Officer, recently announced her departure from the firm.
Reflecting on her time with the company, she expressed gratitude for the numerous challenges and opportunities that have presented themselves throughout her journey, acknowledging how these experiences have fostered her professional and personal development. She stated that the past ten years have been transformative, highlighting the invaluable lessons learned along the way.
Joining CAPEX.com in early 2017 as a Branch Director, she quickly ascended the ranks, attaining the position of Group COO within a year. During her time at CAPEX, she also managed the company’s operations in the MENA region and was appointed as the CEO of the UAE unit amidst the onset of the COVID-19 pandemic. Following the merger of CAPEX.com and NAGA, she took on additional responsibilities as the Deputy CEO of NAGA in April 2024.
Prior to her tenure with Capex/NAGA, she briefly served as the Head of Operations at Trade.com, where she gained further industry experience.
The context of her departure is tied to a notable merger in the financial services sector, where NAGA was acquired by CAPEX.com in December 2023. This strategic move merged two prominent online trading firms, each with a considerable foothold in the Middle Eastern market. Following the merger, the CEO of CAPEX.com invested $9 million in NAGA, taking on the role of Group CEO for the newly formed entity.
This transition was not without its challenges, as evidenced by the exit of Ben Bilski, co-founder and Chief Information Officer at NAGA, who left the organization just three months after the merger. Additionally, NAGA underwent significant restructuring, reducing its workforce by 40% in response to financial pressures.
As for the financial performance of the newly merged organization, the Group reported total revenues of EUR 62.3 million for the year 2024, a decrease from the previous year’s earnings of EUR 77.5 million. The Group also reported an EBITDA of EUR 8.1 million, reflecting a margin of 13%, which, although improved from 11% the year prior, indicated the financial challenges faced during this transition phase.
The exiting executive’s departure marks a pivotal moment within the Capex/NAGA Group as it continues to navigate the post-merger landscape. As the firm seeks to establish its identity and enhance its operational efficiencies in a competitive market, the influence of long-serving leaders like her, who have shaped its trajectory, will undoubtedly be felt. The continuing evolution of this organization will be closely observed by industry watchers, as it strives toward stability and growth while addressing the complexities inherent in managing a newly integrated business entity.