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.

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