Forge Global Names Former London Stock Exchange Group Executive James Nevin as New CFO

Rhea-AI Summary

Forge Global Holdings (NYSE: FRGE) has appointed James Nevin, former London Stock Exchange Group (LSEG) executive, as its new CFO effective January 20, 2025. Nevin will succeed Mark Lee, who has served as CFO since 2018 and will transition to Chief of Strategic Wealth Solutions.

Nevin brings over 25 years of financial and capital markets experience, including significant tenure at LSEG where he held various leadership positions such as Managing Director of Funds, Research and Content business lines, and CFO of the Information Services division. At LSEG, he was responsible for driving growth in various data and analytics products and oversaw financial operations for divisions including FTSE Russell Indexes.

CEO Kelly Rodriques emphasized that Nevin's experience in transforming LSEG from an exchange into a data and index business aligns with Forge's goals of increasing revenue, expanding margins, and achieving profitability as they grow globally.

Positive

• Appointment of experienced executive with 25+ years in financial markets
• Strategic retention of former CFO Mark Lee in new role ensuring smooth transition
• Addition of leadership expertise in data and index business transformation

Negative

• None.

Insights

Financial Market Expert

The appointment of James Nevin as CFO represents a strategic shift for Forge Global, particularly given his extensive background at LSEG where he managed complex data and index operations. His experience in transforming traditional exchange businesses into data-driven enterprises aligns with Forge's evolution in the private securities marketplace. The transition occurs at a important juncture as Forge aims to achieve profitability and expand its global footprint.

The retention of former CFO Mark Lee in a strategic role focused on wealth solutions maintains institutional knowledge while bringing in fresh perspective - a balanced approach to executive transition. Nevin's expertise in managing global financial operations and driving growth in data analytics products could be instrumental in expanding Forge's revenue streams beyond traditional private securities trading.

With a market cap of $135 million, Forge needs to demonstrate clear path to profitability. Nevin's track record in financial oversight of major index and data services operations suggests potential focus on developing high-margin data and analytics products to complement core marketplace operations.

Market Research Analyst

Examining market dynamics, this executive change comes as private market infrastructure providers face increasing pressure to diversify revenue streams and achieve operational efficiency. Nevin's appointment signals Forge's potential pivot toward enhancing its data services segment, similar to how traditional exchanges have evolved their business models.

The timing is strategic - private markets are experiencing structural changes with increased demand for liquidity solutions and data services. Nevin's experience with FTSE Russell Indexes and financial data services could help Forge capitalize on these trends, potentially developing new products for institutional investors seeking private market exposure.

For retail investors, this development suggests Forge may be positioning itself as more than just a private securities marketplace, potentially evolving into a comprehensive private market data and services provider. This could create additional value streams beyond transaction fees, though execution risks remain in this transition.

SAN FRANCISCO--(BUSINESS WIRE)-- Forge Global Holdings, Inc. (“Forge,” or the “Company”) (NYSE: FRGE), a leading global private securities marketplace, today announced the appointment of former London Stock Exchange Group (LSEG) executive James Nevin as its new CFO, effective January 20, 2025. Mr. Nevin will succeed CFO Mark Lee, who has held the role since 2018. Mr. Lee will continue to contribute his expertise to Forge, overseeing strategic financial and wealth initiatives as Chief of Strategic Wealth Solutions and supporting the successful transition of Mr. Nevin as Forge’s new CFO.

"Driving our growth strategy and achieving profitability are critical to our future,” said Forge CEO Kelly Rodriques. "James Nevin’s deep experience includes driving transformation at the London Stock Exchange Group as it evolved from an exchange into a data and index business. He’ll play a key role across our initiatives to increase revenue and expand margins as we enter the next phase of growth in the U.S. and around the globe, helping to unlock value for our shareholders. I want to thank Mark for his dedication and work building our financial foundation and processes as we evolved from a private startup into a public company. His leadership created a stronger organization, and we believe has positioned us to build momentum."

Mr. Nevin has more than 25 years of financial and capital markets experience, including most recently at the LSEG. He spent over a decade at LSEG in roles including Managing Director of the Funds, Research and Content business lines, Managing Director and Head of Data Solutions, and CFO and Managing Director of the Information Services division. In these roles, Mr. Nevin was responsible for driving growth in businesses including Lipper, Starmine, Real Time Exchange Data, SEDOL, Mergent and other data and analytics products. He was also responsible for business performance globally and financial oversight including reporting, accounting, finance operations and tax for a division that included FTSE Russell Indexes, The Yield Book, Real Time Exchange Data and other financial data services.

“I’m thrilled with the opportunity to lead the finance organization at Forge amidst this exciting phase for both the private market and Forge,” Mr. Nevin said. “I’m looking forward to collaborating with the Forge team, our investors and partners as we embark on an accelerated growth journey.”

About Forge

Forge (NYSE: FRGE) is a leading provider of marketplace infrastructure, data services and technology solutions for private market participants. Forge Securities LLC is a registered broker-dealer and a Member of FINRA that operates an alternative trading system.

Forward-Looking Statements

This press release contains “forward-looking statements,” which generally are accompanied by words such as “believe,” “may,” “could,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “target,” “goal,” “expect,” “should,” “would,” “plan,” “predict,” “project,” “forecast,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict, indicate or relate to future events or trends or Forge’s future financial or operating performance, or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding Forge’s beliefs regarding its financial position and operating performance, as well as future opportunities for Forge to expand its business. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, while considered reasonable by Forge and its management, are subject to risks and uncertainties that may cause actual results to differ materially from current expectations. You should carefully consider the risks and uncertainties described in Forge’s documents filed, or to be filed, with the SEC. There may be additional risks that Forge presently does not know of or that it currently believes are immaterial that could also cause actual results to differ materially from those contained in the forward-looking statements. In addition, forward-looking statements reflect Forge’s expectations, plans or forecasts of future events and views as of the date of this press release. Forge anticipates that subsequent events and developments will cause its assessments to change. However, while Forge may elect to update these forward-looking statements at some point in the future, Forge specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Forge’s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250114784656/en/

Investor Relations Contact:

Dominic Paschel

ir@forgeglobal.com

Media Contact:

Lindsay Riddell

press@forgeglobal.com

Source: Forge Global

FAQ

When will James Nevin start as CFO of Forge Global (NYSE: FRGE)?

James Nevin will begin his role as CFO of Forge Global Holdings (NYSE: FRGE) effective January 20, 2025.

What is James Nevin's previous experience before joining Forge Global (FRGE)?

James Nevin has over 25 years of financial and capital markets experience, most recently at London Stock Exchange Group (LSEG) where he held various executive positions including Managing Director of Funds, Research and Content business lines, and CFO of the Information Services division.

What will happen to Forge Global's (FRGE) current CFO Mark Lee?

Mark Lee, who has been CFO since 2018, will transition to the role of Chief of Strategic Wealth Solutions and will support the transition of James Nevin as the new CFO.

What are Forge Global's (FRGE) strategic goals with this CFO appointment?

Forge Global aims to increase revenue, expand margins, and achieve profitability while growing globally, leveraging Nevin's experience in transforming exchange businesses into data and index operations.