E*TRADE Financial Corporation Announces Leadership Transition with Close of OptionsHouse Transaction
September 12 2016 - 8:15AM
Business Wire
E*TRADE Financial Corporation (NASDAQ:ETFC) today announced that
it completed the acquisition of Aperture New Holdings, Inc., the
ultimate parent company of OptionsHouse. The Company also announced
changes to its executive leadership to better align the Company for
growth, including the appointment of Rodger A. Lawson (previously
serving as the Chairman of the Board) as Executive Chairman, Karl
A. Roessner (previously serving as General Counsel) as Chief
Executive Officer and Board member, and Michael J. Curcio
(previously serving as CEO of Aperture) as Chief Brokerage Officer,
as well as the departure of previous Chief Executive, Paul T.
Idzik. Kevin T. Kabat has been appointed Lead Independent
Director.
“With the OptionsHouse transaction drawn to a close, we have a
significant opportunity to reconfigure the Company’s leadership to
better focus on growing the business both organically and
inorganically,” said Rodger Lawson, Executive Chairman of E*TRADE
Financial. “While the E*TRADE Board applauds the foundational
enhancements and significant regulatory progress made by the
Company over the past three years, our core brokerage growth has
come under pressure. Accordingly, we are restructuring the
Company’s leadership, elevating Karl Roessner—a proven and embedded
leader with deep company expertise—to Chief Executive Officer, and
positioning Michael Curcio—an industry and E*TRADE veteran—as Chief
Brokerage Officer, to lead our core business. Additionally, I am
personally excited to serve the Company in its daily operations.
The Board intensely weighed these leadership shifts and strongly
believes we can best deliver on our renewed commitment to
shareholders to grow the business through these timely actions. On
behalf of our entire Board, I would also like to extend our
gratitude to Mr. Idzik for his contributions, which have helped set
the stage for the next phase of the Company’s evolution. We wish
him the best in his future endeavors.”
“In my new role, I am excited to double down on our growth
commitments,” said Karl Roessner, Chief Executive Officer of
E*TRADE Financial. “And while we furthered that effort through the
OptionsHouse acquisition, there is much more work to do to grow our
core business. In welcoming my former colleague Michael Curcio back
to E*TRADE, we are well-positioned to achieve this goal. Mike has a
proven track record of promoting growth—not just for OptionsHouse,
but for E*TRADE. Further, we are more than fortunate to have a
financial services industry luminary helping guide our efforts,
with Rodger Lawson as our Executive Chairman. I personally look
forward to his wisdom and insight as we move forward. With
leadership firmly installed, on a parallel track, we will continue
pursuing capital deployment initiatives through balance sheet
growth, share repurchases, and additional acquisitions, should we
find attractive opportunities that offer value to the business and
compelling returns for our shareholders.”
The Company will present at the Barclays Global Financial
Services Conference on Wednesday, September 14, 2016. A live
webcast and replay will be accessible through the E*TRADE Financial
corporate website at https://about.etrade.com, where leadership
team bios are also available.
About E*TRADE FinancialE*TRADE Financial and its
subsidiaries provide financial services including online brokerage
and related banking products and services to retail investors.
Securities products and services, including IRAs, are offered by
E*TRADE Securities LLC (Member FINRA/SIPC). Bank products
and services are offered by E*TRADE Bank, a Federal savings
bank, Member FDIC, or its subsidiaries and affiliates. More
information is available at www.etrade.com.
Important NoticesE*TRADE Financial, E*TRADE, and the
E*TRADE logo are trademarks or registered trademarks of E*TRADE
Financial Corporation. ETFC-G
Forward-looking statementsThis news release contains
"forward-looking statements" within the meaning of the safe harbor
provisions of the U.S. Private Securities Litigation Reform Act of
1995, including statements that discuss, among others, the
Company’s abilities to grow the business and deploy capital, and
anything that is not historical in nature. Actual results may
differ materially from those indicated in the forward-looking
statements, which are subject to a number of uncertainties and
risks that are difficult to predict and often outside the Company’s
control. Such uncertainties and risks include the following, among
others: integration of OptionsHouse may not occur as anticipated
and benefits may not be realized; unanticipated restructuring costs
may be incurred or undisclosed liabilities assumed; attempts to
retain key personnel and customers may not succeed; and there may
be negative changes in general economic conditions. Further
information about these risks and uncertainties can be found in the
Company’s annual, quarterly, and current reports on Form 10-K, Form
10-Q, and Form 8-K filed with the U.S. Securities and Exchange
Commission (including information in these reports under the
captions "Risk Factors"). Any forward-looking statement included in
this release speaks only as of the date of this communication;
E*TRADE disclaims any obligation to update any information, except
as required by law.© 2016 E*TRADE Financial Corporation. All rights
reserved.
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version on businesswire.com: http://www.businesswire.com/news/home/20160912005745/en/
E*TRADE Media
RelationsThayer Fox,
646-521-4418thayer.fox@etrade.comorE*TRADE
Investor RelationsBrett Goodman,
646-521-4406brett.goodman@etrade.com
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