ADVFN - Advanced Financial Network.
HOME» NASDAQ » T » AMTD Stock Price » AMTD Stock News

Td Ameritrade Holding Share News

 Td Ameritrade Holding (mm) Stock Price
AMTD Stock Price
 Td Ameritrade Holding (mm) Stock Chart
AMTD Stock Chart
 Td Ameritrade Holding (mm) Stock News
AMTD Stock News
 Td Ameritrade Holding (mm) Company Information
AMTD Company Information
 Td Ameritrade Holding (mm) Stock Trades
AMTD Stock Trades

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
No Recent News Available

Td Ameritrade Holding and other NASDAQ stock quotes are delayed by at least 20 minutes.
All other stock price and quote data is delayed by at least 15 minutes unless otherwise stated. By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Contact Us | Copyright 1999-2007 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations

ADVFNADVFN ItalyADVFN GermanyADVFN FranceADVFN BrazilADVFN JapanADVFN UKADVFN US noad