TD Ameritrade Provides Leadership Update
July 22 2019 - 4:01PM
Business Wire
President and CEO Tim Hockey to leave company
in February 2020
Management Conference Call to be held Monday
(7/22) at 5 p.m. EDT
In discussing the best path forward for TD Ameritrade Holding
Corporation (Nasdaq: AMTD) – its clients, Associates and
shareholders – the company’s board of directors and President and
Chief Executive Officer Tim Hockey have made the decision that he
will leave the company upon the appointment of a new leader to
guide its next phase of growth.
The board will begin a search for Hockey’s successor, engaging a
nationally-recognized executive search firm to assist in the
process, which will include internal and external candidates.
Hockey has agreed to stay in his role as the board conducts its
search, until the end of February 2020. If his successor is named
before that time, he will move into an advisory role to help with
the transition.
On behalf of the board, Chairman Joe Moglia said: “We are
grateful to Tim for his leadership and the contributions he made to
the company over his tenure as CEO. He played a key role in the
successful integration of Scottrade and has taken important steps
to position TD Ameritrade for long-term success. We are pleased
that he has agreed to remain in his role to ensure a smooth
transition while we conduct our search to identify the right
candidate to lead the company in its next chapter of growth.”
“The time I’ve spent working alongside my fellow Associates at
TD Ameritrade has been one of the highlights of my career,” Hockey
said. “Together we embarked on a journey to transform lives and
investing for the better, and we’ve accomplished a lot. I believe
TD Ameritrade is well-positioned to continue as an industry leader
and innovator, and until my last day, 100 percent of my energy will
be focused on helping our Associates drive our strategy forward.
I’m intent on keeping our momentum going, and setting up my
successor for long-term success.”
Bharat Masrani, vice-chair of the TD Ameritrade board, and group
president and CEO of TD Bank Group, the company’s largest
shareholder, added: “TD Ameritrade is an important strategic
investment for TD, opening new opportunities for both
organizations, and we remain confident in the business and its
continued success. We also extend our thanks to Tim for his
leadership and for the important contributions he has made at TD
Ameritrade. We wish him the very best for the future.”
Company to hold Conference Call TD Ameritrade will hold a
conference call to discuss this announcement and its third quarter
earnings release, and to take questions from analysts today,
July 22, 2019, at 5:00 p.m. EDT (4:00 p.m. CDT). Participants
may listen to the conference call by dialing 866-393-4306.
A replay of the phone call will be available by dialing
855-859-2056 and entering the Conference ID 9195175 beginning at
8:00 p.m. EDT (7:00 p.m. CDT) on July 22, 2019. The replay will be
available until 11:59 p.m. EDT (10:59 p.m. CDT) on July 29, 2019. A
transcript of the call will be available on the company’s corporate
web site, www.amtd.com, via the “Earnings" page beginning Friday,
July 26, 2019.
About TD Ameritrade Holding Corporation TD Ameritrade
provides investing services and education to more than 11 million
client accounts totaling approximately $1.3 trillion in assets, and
custodial services to more than 7,000 registered investment
advisors. We are a leader in U.S. retail trading, executing an
average of approximately 800,000 trades per day for our clients,
more than a quarter of which come from mobile devices. We have a
proud history of innovation, dating back to our start in 1975, and
today our team of 10,000-strong is committed to carrying it
forward. Together, we are leveraging the latest in cutting edge
technologies and one-on-one client care to transform lives, and
investing, for the better. Learn more by visiting TD Ameritrade’s
newsroom at www.amtd.com, or read our stories at Fresh
Accounts.
Brokerage services provided by TD Ameritrade, Inc., member FINRA
(www.FINRA.org) / SIPC (www.SIPC.org)
Safe Harbor This document contains forward-looking
statements within the meaning of the federal securities laws. We
intend these forward-looking statements to be covered by the safe
harbor provisions of the federal securities laws. In particular,
forward-looking statements contained in this discussion include our
expectations regarding: the effect of client trading activity on
our results of operations; the effect of changes in interest rates
on our net interest spread; the amount of net revenues; average
commissions per trade; the amounts of total operating expenses and
advertising expense; our effective income tax rate; our capital and
liquidity needs and our plans to finance such needs; and our plans
to return capital to stockholders through cash dividends and share
repurchases. These statements reflect only our current expectations
and are not guarantees of future performance or results. These
statements involve risks, uncertainties and assumptions that could
cause actual results or performance to differ materially from those
contained in the forward-looking statements. These risks,
uncertainties and assumptions include, but are not limited to:
economic, social and political conditions and other securities
industry risks; interest rate risks; liquidity risks; credit risk
with clients and counterparties; risk of liability for errors in
clearing functions; systemic risk; systems failures, delays and
capacity constraints; network security risks; competition; reliance
on external service providers; new laws and regulations affecting
our business; net capital requirements; extensive regulation,
regulatory uncertainties and legal matters; difficulties and delays
in integrating the Scottrade Financial Services, Inc. ("Scottrade")
business or fully realizing cost savings and other benefits from
the acquisition; disruptions from the Scottrade acquisition; or
other factors making it more difficult to maintain relationships
with employees, customers, other business partners or governmental
entities; the inability to achieve synergies or to implement
integration plans and other consequences associated with other
acquisitions; and the other risks and uncertainties set forth under
Item 1A. – Risk Factors of the Company's annual report on Form 10-K
for the fiscal year ended September 30, 2018. These forward-looking
statements speak only as of the date on which the statements were
made. We undertake no obligation to publicly update or revise these
statements, whether as a result of new information, future events
or otherwise, except to the extent required by the federal
securities laws.
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version on businesswire.com: https://www.businesswire.com/news/home/20190722005638/en/
At the Company Kim Hillyer Managing
Director, Corporate Communications (402) 574-6523
kim.hillyer@tdameritrade.com
Jeff Goeser Managing Director, Investor Relations (402) 597-8464
jeffrey.goeser@tdameritrade.com
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