Chief executive of online broker stands down

Matt Leibowitz, chief executive of online stockbroker Stake − which is backed by US venture and growth capital firms Tiger Global and DST Global − has stood down from the role.

Leibowitz founded the Melbourne-based business in 2017 with Dan Silver and has led its development to provide services in New Zealand and the UK as well as Australia. The business now has almost $3 billion in assets under management.

Jon Howie, who joined the business last year as chief commercial officer, has taken over the chief executive role. Leibowitz, who owns about 40% of the company, will now transition to the role of executive director.

Howie previously held senior roles at Blackrock, Macquarie Bank and VGI Partners.

He said: “Over the past six months, I’ve been inspired by Leibowitz’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.”

Leibowitz said: “Stake has had a profound impact helping more people to engage with their finances and I’m incredibly proud of what our team has achieved.

“Given the extent to which we have grown in recent years, I believe it’s time to bring in new leadership that can take us to the next level.

“Howie shares our passion for encouraging better financial customer outcomes, plus an outstanding track record in scaling large financial services businesses. He’s had an incredible impact as chief commercial officer over the past six months and I’m excited to work with him in his new role as CEO.”

Tiger Global and DST Capital provided most of Stake’s $90 million Series A capital raising round which was completed in early 2022.

Image: Matt Leibowitz still owns around 40% of Stake.