TD Ameritrade Holding
said Monday that Chief Executive Tim Hockey will leave the company in February 2020.
On a call with analysts and investors, Mr. Hockey said he and the board agreed it was the right time for a transition. He will stay in his role while the company’s board of directors conducts its search for his replacement. If his successor is named before February, he will move into an advisory role to help with the transition, he said.
Mr. Hockey joined TD Ameritrade in January 2016 from
TD Bank Group
where he spent 32 years. During his tenure as TD Ameritrade’s CEO, he oversaw the integration of Scottrade Financial Services Inc., a $4 billion deal that joined two of the biggest online brokerages as price wars pressured trading commission revenue and pushed rivals to link up.
The announcement of Mr. Hockey’s departure came as the company reported its latest quarterly results. Revenue rose 8% from a year earlier to $1.5 billion, as asset-based revenue offset a 2.7% decline in revenue from trading commissions. The company earned $1.04 a share beating expectations, up from 89 cents in last year’s quarter.
Shares of TD Ameritrade fell 0.4% in after hours trading. The stock is down 8.8% over the past 12 months, through Monday’s close, versus 17% and 20% declines at rivals
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