E*TRADE to Name Rodger A. Lawson Chairman of the Board of Directors
Frank J. Petrilli and Ronald D. Fisher will not stand for re-election at
upcoming Annual Meeting of Stockholders
NEW YORK -- March 8, 2013
E*TRADE Financial Corporation (NASDAQ: ETFC) today announced that its Board of
Directors intends to appoint Rodger A. Lawson as Chairman to replace Frank J.
Petrilli immediately following the 2013 Annual Meeting of Stockholders,
subject to the re-election of Mr. Lawson at the Annual Meeting. Mr. Petrilli,
who has served as Chairman since January 2012 and also as Interim CEO of the
Company from August 2012 through January 2013, advised the Board that he does
not wish to stand for re-election. Mr. Petrilli will remain a director until
the Annual Meeting of Stockholders, scheduled for May 9, 2013.
Mr. Lawson, who was appointed to the E*TRADE Board of Directors in February
2012, brings over 30 years of experience in the financial services industry,
having most recently served as President of Fidelity Investments. Mr. Lawson
also served as Lead Independent Director from August 2012 to January 2013,
during which time Mr. Petrilli was Chairman and Interim CEO of the Company.
“I am grateful to accept this role, and look forward to continuing to serve
the Company and its stockholders in this new capacity,” Mr. Lawson commented.
“I am particularly encouraged about the direction of E*TRADE under CEO Paul
Idzik, and feel the Company is on the right path to creating long-term value
for its stockholders.”
“E*TRADE is a fantastic franchise, and I have been honored to serve as
Chairman and Interim CEO during such a pivotal time in the Company’s history,”
said Mr. Petrilli. “My decision to not stand for re-election was a difficult
one, but reflects my other business and time commitments. I believe that Paul
Idzik is well equipped to lead E*TRADE forward and that Rodger Lawson will
make an excellent Chairman. I look forward to watching all of E*TRADE’s
success as an investor and customer.”
Ronald D. Fisher, who has been a member of E*TRADE’s Board since October 2000,
has also notified the Board that he will not stand for re-election, due to his
expanded responsibilities as President of SoftBank Holdings, Inc. Mr. Fisher
will also remain a director until the Annual Meeting of Stockholders.
Mr. Lawson continued, “On behalf of the Board, I would like to thank Frank and
Ron for their commitment and dedication over the past years.”
About Rodger Lawson
Rodger A. Lawson, 66, has been a director of the Company since February 2012
and was Lead Independent Director from August 2012 to January 2013. Mr. Lawson
is a retired financial services executive who most recently served as
President and CEO of Fidelity Investments – Financial Services. Prior to
joining Fidelity, Mr. Lawson served in several senior executive roles with
Prudential Financial, including Vice Chairman. He has held numerous other
executive positions in financial services, including President and CEO of Van
Eck Global, and Managing Director and Partner of Bankers Trust Company and CEO
of the Private Bank and Global Mutual Funds. Previously, Mr. Lawson was
President and CEO of Fidelity Investments Retail Group, and CEO of the Dreyfus
Service Corporation. Mr. Lawson is currently on the board of directors of
UnitedHealth Group, Inc. Mr. Lawson is a member of the E*TRADE Bank board and
the E*TRADE Financial Corporation Compensation Committee.
About E*TRADE Financial
The E*TRADE Financial family of companies provides financial services
including online brokerage and related banking products and services to retail
investors. Specific business segments include Trading and Investing and
Balance Sheet Management. Securities products and services are offered by
E*TRADE Securities LLC (Member FINRA/SIPC). Bank products and services are
offered by E*TRADE Bank, a Federal savings bank, Member FDIC, or its
subsidiaries and affiliates. More information is available at www.etrade.com.
E*TRADE Financial, E*TRADE and the E*TRADE logo are trademarks or registered
trademarks of E*TRADE Financial Corporation.
© 2013 E*TRADE Financial Corporation. All rights reserved.
E*TRADE Financial Media Relations
E*TRADE Financial Investor Relations
Brett Goodman, 646-521-4406
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