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.”

Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.

  • Critical Treasury & Risk information including in-depth analysis of treasury and finance best practices, case studies with corporate innovators, informative newsletters, educational webcasts and videos, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM websites including and

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.