E*TRADE Financial Corp. (ETFC) announced that its board plans to appoint Rodger Lawson as Chairman to replace Frank Petrilli immediately following the 2013 Annual Meeting of Stockholders, subject to the re-election of Lawson at the Annual Meeting.
The company said Petrilli, who has served as Chairman since January 2012 and also as Interim CEO of the Company from August 2012 through January 2013, notified the Board that he does not wish to stand for re-election. Petrilli will remain a director until the Annual Meeting of Stockholders, scheduled for May 9, 2013.
Lawson brings over 30 years of experience in the financial services industry, having most recently served as President of Fidelity Investments. Lawson was appointed to the E*TRADE Board of Directors in February 2012. Lawson also served as Lead Independent Director from August 2012 to January 2013, during which time Petrilli was Chairman and Interim CEO of the Company.
In addition, Ronald Fisher, who has been a member of E*TRADE's Board since October 2000, has notified the Board that he will not stand for re-election, due to his expanded responsibilities as President of SoftBank Holdings Inc. Fisher will also remain a director until the Annual Meeting of Stockholders.
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