A significant leadership change has occurred within the Capex/NAGA Group, with a prominent individual from the company announcing their departure after an extensive tenure. This individual served in crucial roles, such as Group Chief Operating Officer of the new entity formed by a recent merger and as Deputy Chief Executive Officer of NAGA Group.
The departure signals the conclusion of over a decade of service at Capex/NAGA Group. In a public statement, they reflected on their long-term experience, highlighting a journey filled with challenges, growth opportunities, and valuable lessons that greatly contributed to both professional and personal development during that time.
The individual joined CAPEX.com in January 2017, initially taking up the position of Branch Director. Within a relatively short timeframe, they were elevated to the Group COO role, demonstrating their capability and leadership in the organization. They also took on responsibilities for overseeing CAPEX.com’s operations in the MENA (Middle East and North Africa) region and assumed the role of CEO for the UAE unit at the onset of the COVID-19 pandemic. Their journey took a new direction with the merger of NAGA and CAPEX.com, following which they were appointed as Deputy CEO of NAGA in April 2024, in addition to their role as Group COO.
Before their involvement with the Capex/NAGA Group, they had a brief experience as Head of Operations at another trading firm, which added to their diverse skill set and expertise in the finance and trading industry.
The merger itself emerged from a strategic acquisition in December 2023 when CAPEX.com acquired NAGA, another significant player in the online trading space, particularly in the Middle East. This reverse merger involved CAPEX.com’s CEO investing $9 million into NAGA, ultimately leading to their position as the Group CEO of the newly combined entity.
In the wake of this merger, notable transformations took place within NAGA, including significant staff reductions, with reports indicating that around 40% of the workforce was cut in 2023. This cutback reflected the business’s need to stabilize in the face of mounting losses.
In terms of financial performance, the merger had implications for revenue generation. The combined Group reported a total revenue of EUR 62.3 million for 2024, a decrease from EUR 77.5 million recorded in the previous year. However, the merged group’s Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) showed a positive margin of 13%, totaling EUR 8.1 million, which was a slight improvement from the prior year.
The evolving structure and leadership changes within the company underscore the dynamic nature of the online trading industry. This transition reflects broader trends within the market and the continuous adaptation required by businesses to thrive amidst challenges. The departure of this key personnel and the restructuring following the merger could signal new directions for both the company and the industry as a whole going forward.