Aug. 9 (Bloomberg) — E*Trade Financial Corp., the brokerage thatcame under pressure from its biggest shareholder to seek buyers,ousted Chief Executive Officer Steven J. Freiberg and said itsboard 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. ChairmanFrank J. Petrilli hold the post while the company seeks a permanentreplacement, E*Trade said today in a statement. A board committeewhich includes the head of its biggest shareholder, Citadel LLC'sCEO Ken Griffin, will lead the search, the company said.

“The company recently implemented a refined business strategy,centered on strengthening the firm's financial position,” Petrillisaid today in the statement. “The board believes it is anappropriate time to transition the role of CEO to a new leader toguide the company through the next phase of its evolution.”

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