E*Trade CEO Ousted, Firm Seeks Leader After Citadel Pressure

Citadel's Ken Griffin to lead search for new CEO

Aug. 9 (Bloomberg) -- E*Trade Financial Corp., the brokerage that came under pressure from its biggest shareholder to seek buyers, ousted Chief Executive Officer Steven J. Freiberg and said its board is looking for a new leader.

The shares rose 6 percent to $8.50 as of 9:45 a.m. in New York. Freiberg, 55, was the company’s third CEO in four years. Chairman Frank J. Petrilli hold the post while the company seeks a permanent replacement, E*Trade said today in a statement. A board committee which includes the head of its biggest shareholder, Citadel LLC’s CEO Ken Griffin, will lead the search, the company said.

Copyright 2016 Bloomberg. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.


Advertisement. Closing in 15 seconds.