E*Trade Dismisses CEO
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Friday, January 24, 2003

E*Trade Dismisses CEO

Christos Cotsakos, the high-profile CEO of E*Trade Group, is on the job market. The firm confirmed today that Mitchell Caplan, president since April, is taking over Cotsakos' duties as CEO. It is unclear at this point what impact the move will have on E*Trades asset gathering operations.

Caplan, 45, joined the E*Trade in 2000 after it bought Telebank and Telebanc Financial Corp.

E*Trade's board of directors voted to remove Cotsakos from his posts on Wednesday, the New York Post reported. He was informed of the board's vote yesterday, the paper added. Cotsakos joined E*Trade as CEO in 1996 from FedEx.

After building a fund supermarket under Brian Murray in the late 1990s, E*Trade scaled back those efforts in response to the tech stock wreck in late 2001. Amy Errett, chief asset gathering officer, left the firm at that time. E*Trade has since focused on building its banking services unit.

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