In this Thursday, Sept. 22, 2011, photo, employees at Groupon pose in silhouette by the company logo in the lobby of the online coupon company's Chicago offices. Groupon Inc., the No. 1 online deals service, failed to show investors on Thursda, Nov. 8, 2012, that its business is growing as quickly as they would like, as it was hurt by what it called "continued challenges" from the economic weakness in Europe. (AP Photo/Charles Rex Arbogast)
In this Thursday, Sept. 22, 2011, photo, employees at Groupon pose in silhouette by the company logo in the lobby of the online coupon company's Chicago offices. Groupon Inc., the No. 1 online deals service, failed to show investors on Thursda, Nov. 8, 2012, that its business is growing as quickly as they would like, as it was hurt by what it called "continued challenges" from the economic weakness in Europe. (AP Photo/Charles Rex Arbogast)
E-Trade chairman to leave, Lawson named successor
NEW YORK (
AP) —
E-Trade Financial Corp. said Friday it is replacing its Chairman
Frank J. Petrilli after its shareholder meeting in May.
Petrilli had been chairman and interim CEO since August, after the online financial services provider's abrupt ouster of former CEO Steven Freiberg.
E-Trade has been struggling to recover from bad housing investments. It also has lost business as individual consumers pulled money out of the stock market. Faced with less trading activity, E-Trade has focused on managing costs and reducing risk. In January, E-Trade named banking industry veteran Paul Idzik as its new CEO.
E-Trade will appoint Rodger A. Lawson, 66, as its new chairman, assuming he is re-elected during the annual shareholder meeting May 9.
Petrilli told the board he didn't want to stand for re-election. In a statement he said the decision represents his "other business and time commitments."
"I believe that Paul Idzik is well equipped to lead E-Trade forward and that Rodger Lawson will make an excellent chairman," he said.
In addition to Petrilli, board member Ronald Fisher also will not stand for re-election to the board.
In January, E-Trade reported a wider-than-expected fourth-quarter loss as low trading volume and a one-time charge to retire debt cut into the online brokerage's results.
Shares of the company fell 4 cents to $11.27 in morning trading.
Tags:
ap, fisher, e-trade financial corp., e-trade, paul idzik, rodger lawson, cents, statement, finance, re-election, chairman, friday, successor, stock, management, risk, bank, money, morning trading, stock market, new york, board of directors, corporate governance, new chairman, new ceo, trading activity, interim ceo, one-time charge, annual shareholder meeting, low trading volume, online brokerage, wider-than-expected fourth-quarter loss, ceo steven freiberg, debt cut, abrupt ouster, petrilli, bad housing investments, individual consumers, managing costs, shareholder meeting, financial services provider, e-trade chairman, chairman frank j., rodger a. lawson, banking industry veteran, excellent chairman, board member ronald, time commitments
Print Page
