Thursday, brokerage firm TD AMERITRADE Holding Corp. (AMTD), announced that its current chief executive officer Joe Moglia, would become the company's chairman, effective October 1, 2008.
The company also promoted its COO Fred Tomczyk to president and COO with immediate effect and has elected him to become the firm's next CEO when Moglia assumes the chairmanship in October.
Given Tomczyk's leadership on the development and implementation of the firm's long-term growth strategy, the company said it is confident of a smooth transition.
TD Ameritrade credited Moglia for leading the growth and development of the company. It was under Moglia's leadership that the company's market capitalization grew from $700 million in 2001 to its current value of over $12 billion.
Within his seven-year tenure at TD AMERITRADE, Moglia led an aggressive acquisition strategy that included nine deals, the two largest being Datek Online Holdings in 2002 and TD Waterhouse Group, Inc. in 2006.
Tomczyk joined TD AMERITRADE in July 2007 as COO. He previously served as an original member of the TD AMERITRADE board of directors upon the company's acquisition of TD Waterhouse in January 2006. He was a key member of TD Bank Financial Group's executive leadership team from 2000 to 2007 and served as vice chairman of corporate operations during that time frame. Tomczyk was named COO in June of 2007. Prior to joining TD Bank, Tomczyk was the president and CEO of London Life.
AMTD closed Thursday's regular trade up $0.29 at $18.21 on a volume of 1.91 million shares. In after-hours, the stock lost $0.01 and was at $18.20.
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