Argentex Replaces CEO as Forex Firm Clinches Rescue Deal
Argentex Group Plc's chief executive officer resigned just hours before the troubled currency management firm clinched a deal that it hopes will allow it to recover from a sudden cash squeeze triggered by the tariff-driven slump in the dollar.
Jim Ormonde, who has run the London-listed firm since October 2023, will be replaced by Chief Operating Officer Tim Rudman, according to a statement Friday. The company was hit hard by its positions in the dollar, which has declined about 3.5% against major currencies since US President Donald Trump's tariff announcements on April 2.
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