TD Ameritrade's Operating Chief Resigns
August 02 2016 - 9:57AM
Dow Jones News
By Brittney Laryea
TD Ameritrade Holding Corp. said Marv Adams has resigned as
chief operating officer, a move that comes amid leadership changes
at the top of the brokerage.
Mr. Adams will continue to serve as an adviser until Dec. 1,
reporting to CEO-elect Tim Hockey. Ameritrade said it won't replace
Mr. Adams and will eliminate the chief operating officer
position.
"Since he joined TD Ameritrade in 2011, Marv Adams has helped
create a culture of continuous improvement, making us more agile
and simplifying the way we work," Mr. Hockey said in prepared
remarks.
Ameritrade said in November that Mr. Hockey, who had previously
headed Toronto-Dominion Bank's domestic banking and
wealth-management operations, would become its chief executive.
Ameritrade is an affiliate of the Canadian bank.
Mr. Hockey replaced current Chief Executive Fred Tomczyk as
president in January, and will transition into the chief executive
spot on Sept. 30.
In July Ameritrade reported better-than-expected quarterly
results, boosted by increased commissions and fees, and a favorable
tax-liability adjustment.
Shares were inactive premarket and have lost 19% of their value
over the past 12 months.
Write to Brittney Laryea at brittney.laryea@wsj.com
(END) Dow Jones Newswires
August 02, 2016 09:42 ET (13:42 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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