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Penson CFO McAleer To Retire; TD Ameritrade Executive Named As Successor

DOW JONES NEWSWIRES Penson Worldwide Inc. said (PNSN) Chief Financial Officer Kevin McAleer will retire at month's end, and the brokerage and clearing firm named TD Ameritrade Holding Corp. (AMTD) executive Michael Chochon as his successor. Penson also said entities holding more than a majority of Penson's $281 million parent company long-term funded debt agreed to a restructuring support agreement that includes an exchange offer for new debt and equities. Chief Executive and Founder Philip A. Pendergraft said the debt-exchange plan will eliminate approximately $176 million of debt and $30 million of annual interest expense, increase equity at its parent company, and potentially realize a significant one-time gain. Combined with firm's cost-cutting efforts, Pendergraft said, "our plan is to get Penson to be as close as possible to break even on a cash basis in the second half of 2012." Chochon has more than 13 years of experience as a financial officer in the brokerage industry, most recently at TD Ameritrade, where he served in roles including managing director of trading and risk. Penson, which posted its seventh consecutive quarterly loss on Tuesday, has been trying to improve its balance sheet and bottom line through asset sales and streamlining its operations. The company said following the completion of the debt exchange it would consider a reverse stock split. Shares closed Tuesday at $1.27, up 1.6%, and were halted in recent after-hours trading. The stock is down 79% in the past year. -By Tess Stynes, Dow Jones Newswires; 212-416-2481; Tess.Stynes@dowjones.com

Stock News for Td Ameritrade Holding (AMTD)
DateTimeHeadline
04/23/201213:03:30Weak Stock Volume, Low Volatility Weighed On Bank Trading In...
04/17/201209:24:29TD Ameritrade Averaging 370,000 Client Trades/Day In April
04/17/201208:38:12TD Ameritrade 2Q Net Down 20% As Revenue Falls; Adds $10.8 Billion...
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03/20/201213:40:01RJ O'Brien Hires Former MF Executive In Retail Trading Push
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03/13/201217:46:06Penson CFO McAleer To Retire; TD Ameritrade Executive Named As...
03/12/201210:44:39Cantor Names Head Of Business Targeting Retail Order Flow
03/08/201208:50:05TD Ameritrade Feb Trading Volume Down On Year, Up From Jan
02/15/201209:42:09Nearly Two-Thirds Of Americans To Save, Invest Tax Refunds -Ameritrade
02/14/201211:23:23TD Ameritrade Shareholders Approve Say-On-Pay Proposal On Executive...
02/10/201210:07:26E*Trade Names Two Board Members, Randall To Retire; Group To...
02/08/201216:23:24Schwab Capital In Focus As Money Market Fund Reform Looms
02/08/201209:22:03TD Ameritrade Jan Trading Volume Down On Year, Up From Quiet...
02/06/201209:49:3146% Of Younger Investors Plan To Raise Stock Bets In '12:Survey
01/23/201214:18:23NYSE Euronext Explores Adding Partners To Amex Joint Venture
01/17/201209:23:08CORRECT: TD Ameritrade:Averaging 345,000 Trades/Day Jan-To-Date
01/17/201209:03:01TD Ameritrade: Averaging 345,000 Trades Per Day January-To-Date
01/17/201208:34:49TD Ameritrade 1Q Net Up 4.8% On Cost Control, Revenue Misses...

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