What's former Fidelity
top dog Rodger Lawson
up to these days? The board of directors of E*TRADE Financial Corporation
will appoint Lawson as its chairman following the company's 2013 annual meeting of stockholders, to be held on May 9th.
Lawson will replace Frank Petrilli
, who has served as chairman since January 2012 and also as interim CEO of the company from August 2012 through January 2013. Petrilli had advised the board that he does not wish to stand for re-election and will remain a director until the May 9th annual meeting.
Lawson, 66, has been a director of the company since February 2012 and was lead independent director from August 2012 to January 2013.
He was also a Ned Johnson
protege who first worked at Fidelity Investments
from 1985 to 1991 as president and chief executive of Fidelity Investments Retail Group. He returned as president and chief executive of Fidelity Investments
– Financial Services from July 2007 to January 2010, where he helped the company bounce back from the Financial Crisis and was once touted as a possible successor to Ned. Lawson's retirement
from the company left question marks over Johnson' succession plan
In addition to his two stints at Fidelity, Lawson held a number of other senior level roles in the financial services industry, including president and chief executive of Van Eck Global
, and managing director and partner of Bankers Trust Company
and chief executive of the Private Bank and Global Mutual Funds, as well as chief executive of Dreyfus Service Corporation
Here is the press release:
Company Press Release
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--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 customer.”
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 at www.etrade.com. ETFC-G
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