Forge Global appoints James Nevin as new CFO

Published 01/14/2025, 04:24 PM
FRGE
-

SAN FRANCISCO - Forge Global Holdings, Inc. (NYSE: FRGE), a prominent player in the private securities marketplace, announced today that James Nevin, a former executive of the London Stock Exchange Group (LON:LSEG), will take over as Chief Financial Officer (CFO) starting January 20, 2025. Nevin's appointment follows the transition of Mark Lee, the current CFO since 2018, who will now focus on strategic financial and wealth initiatives as Chief of Strategic Wealth Solutions at Forge. According to InvestingPro data, Forge faces significant financial challenges, with an EBITDA of -$82.2 million in the last twelve months and a market capitalization of approximately $146 million.

Kelly Rodriques, CEO of Forge, emphasized the importance of Nevin's role in the company's growth strategy and profitability objectives. Despite the company's stock declining over 70% in the past year, InvestingPro analysis indicates the stock is currently trading below its Fair Value. Rodriques praised Lee's contributions to Forge's financial foundation, which he believes have positioned the company for continued momentum.

James Nevin brings over 25 years of experience in financial and capital markets to his new role at Forge. His tenure at LSEG included leadership positions where he was instrumental in driving growth across various business lines, such as the Funds, Research and Content, and Data Solutions. Nevin's responsibilities at LSEG encompassed global business performance and financial oversight of divisions, including FTSE Russell Indexes and financial data services.

Nevin expressed his excitement about leading Forge's finance organization and collaborating with the team, investors, and partners to propel the company through an accelerated growth phase.

Forge Global operates as a leading provider of marketplace infrastructure, data services, and technology solutions for participants in the private market. Forge Securities LLC, a member of FINRA, runs an alternative trading system as part of its offerings. The company maintains a strong liquidity position with a current ratio of 5.37, though InvestingPro data shows it is currently burning through cash with revenue of $79.8 million in the last twelve months.

This press release includes forward-looking statements regarding Forge's financial position, operating performance, and business expansion opportunities. While analysts project continued challenges with an EPS forecast of -$0.35 for FY2024, the company maintains a gross profit margin of 99.32%. However, these statements are based on current expectations and assumptions and are subject to risks and uncertainties that may cause actual results to differ materially.

The information for this article is based on a press release statement from Forge Global.

In other recent news, Forge Global Holdings Inc. reported its financial results for the third quarter of fiscal 2024. The earnings call was led by CEO, Kelly Rodriques, and CFO, Mark Lee, and while no specific bullish or bearish highlights were mentioned, they did provide forward-looking statements reflecting current expectations about future events and financial performance. The company's financials and future outlook can be reviewed on Forge's Investor Relations website.

In other developments, JPMorgan analysts downgraded Forge Global Holdings Inc. stock rating from Neutral to Underweight. This assessment was based on a lack of near-term catalysts and continued pressure on volumes that could delay the company's path to profitability. Despite Forge's strong position to take advantage of growing private-market assets under management (AUM) and an increasing number of large private companies in the medium term, JPMorgan raised concerns about the immediate future. They suggested that the anticipated recovery in capital markets activity in 2025 might not result in the expected increase in Forge's transaction volumes.

These are recent developments that provide investors with valuable insights into Forge's operations and performance.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2025 - Fusion Media Limited. All Rights Reserved.