March 8, 2013
E*TRADE to Name Rodger A. Lawson Chairman of the Board of Directors
Frank J. Petrilli and Ronald D. Fisher will not stand for re-election
at upcoming Annual Meeting of Stockholders
NEW YORK--(BUSINESS WIRE)--
E*TRADE Financial Corporation (NASDAQ: ETFC) today announced that its
Board of Directors intends to appoint Rodger A. Lawson as Chairman to
replace Frank J. Petrilli immediately following the 2013 Annual Meeting
of Stockholders, subject to the re-election of Mr. Lawson at the Annual
Meeting. Mr. Petrilli, who has served as Chairman since January 2012 and
also as Interim CEO of the Company from August 2012 through January
2013, advised the Board that he does not wish to stand for re-election.
Mr. Petrilli will remain a director until the Annual Meeting of
Stockholders, scheduled for May 9, 2013.
Mr. Lawson, who was appointed to the E*TRADE Board of Directors in
February 2012, brings over 30 years of experience in the financial
services industry, having most recently served as President of Fidelity
Investments. Mr. Lawson also served as Lead Independent Director from
August 2012 to January 2013, during which time Mr. Petrilli was Chairman
and Interim CEO of the Company.
"I am grateful to accept this role, and look forward to continuing to
serve the Company and its stockholders in this new capacity," Mr. Lawson
commented. "I am particularly encouraged about the direction of E*TRADE
under CEO Paul Idzik, and feel the Company is on the right path to
creating long-term value for its stockholders."
"E*TRADE is a fantastic franchise, and I have been honored to serve as
Chairman and Interim CEO during such a pivotal time in the Company's
history," said Mr. Petrilli. "My decision to not stand for re-election
was a difficult one, but reflects my 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. I look
forward to watching all of E*TRADE's success as an investor and
Ronald D. Fisher, who has been a member of E*TRADE's Board since October
2000, has also notified the Board that he will not stand for
re-election, due to his expanded responsibilities as President of
SoftBank Holdings, Inc. Mr. Fisher will also remain a director until the
Annual Meeting of Stockholders.
Mr. Lawson continued, "On behalf of the Board, I would like to thank
Frank and Ron for their commitment and dedication over the past years."
About Rodger Lawson
Rodger A. Lawson, 66, has been a director of the Company since February
2012 and was Lead Independent Director from August 2012 to January 2013.
Mr. Lawson is a retired financial services executive who most recently
served as President and CEO of Fidelity Investments — Financial
Services. Prior to joining Fidelity, Mr. Lawson served in several senior
executive roles with Prudential Financial, including Vice Chairman. He
has held numerous other executive positions in financial services,
including President and CEO of Van Eck Global, and Managing Director and
Partner of Bankers Trust Company and CEO of the Private Bank and Global
Mutual Funds. Previously, Mr. Lawson was President and CEO of Fidelity
Investments Retail Group, and CEO of the Dreyfus Service Corporation.
Mr. Lawson is currently on the board of directors of UnitedHealth Group,
Inc. Mr. Lawson is a member of the E*TRADE Bank board and the E*TRADE
Financial Corporation Compensation Committee.
About E*TRADE Financial
The E*TRADE Financial family of companies provides financial services
including online brokerage and related banking products and services to
retail investors. Specific business segments include Trading and
Investing and Balance Sheet Management. Securities products and services
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
E*TRADE Financial, E*TRADE and the E*TRADE logo are trademarks or
registered trademarks of E*TRADE Financial Corporation.
© 2013 E*TRADE Financial Corporation. All rights reserved.
E*TRADE Financial Media Relations
Financial Investor Relations
Brett Goodman, 646-521-4406
Source: E*TRADE Financial Corporation
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