E*TRADE Financial Corporation (NASDAQ:ETFC) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02
E*TRADE Financial Corporation (NASDAQ:ETFC) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
E*TRADE Financial Corporation (the “Company”) issued a press release announcing certain leadership changes effective as of December 3, 2018 (the “Effective Date”). In connection with those changes, Chad Turner has been appointed as the Company’s Chief Financial Officer. With Mr. Turner’s appointment, Chief Operating Officer, Mike Pizzi, will expand his role to include oversight of the technology organization in addition to finance, operations, and enterprise business services.
Prior to his appointment as Chief Financial Officer of the Company, Mr. Turner, age 47, oversaw the Company’s forecasting and performance analysis functions that drive the Company’s strategic direction. Prior to this role, Mr. Turner served as the Company’s Vice President, Accounting, with experience in all areas of finance including acquisition integration, risk management, modeling, and due diligence. Prior to starting his tenure with the Company in 2004, Mr. Turner served as Controller for Verestar, Inc., where he oversaw worldwide accounting, reporting, tax, and treasury functions with responsibility for all financial audit requirements and technical research. He started his career in public accounting at Arthur Andersen, and earned his Bachelor of Science degree in accounting from Georgetown University. He holds a Certified Public Accounting designation.
In connection with his appointment as the Company’s Chief Financial Officer, as of the Effective Date, Mr. Turner’s annual base salary will be $500,000, his annual cash performance bonus target for 2019 will be $550,000 and his annual equity performance bonus target for 2019 will be $1,050,000 in the form of restricted stock units (“RSU”).
There are no arrangements or understandings between Mr. Turner and any other persons to which he was selected as Chief Financial Officer. There are also no family relationships between Mr. Turner and any director or executive officer of the Company, and he has no direct or indirect material interest in any transaction required to be disclosed to Item 404(a) of Regulation S-K.
In connection with Mr. Pizzi’s expanded role, as of January 1, 2019, Mr. Pizzi’s base salary will be $700,000, his annual cash performance bonus target for 2019 will be $1,600,000 and his annual equity performance bonus target for 2019 will be $2,700,000; 50% of which will be in the form of RSUs and 50% in the form of performance share units.
E TRADE FINANCIAL CORP ExhibitEX-99.1 2 a51908301ex99_1.htm EXHIBIT 99.1 Exhibit 99.1 E*TRADE Financial Corporation Announces Appointment of Chad Turner to Chief Financial Officer Chief Operating Officer Mike Pizzi expands role to include oversight of Technology NEW YORK–(BUSINESS WIRE)–December 3,…To view the full exhibit click here
About E*TRADE Financial Corporation (NASDAQ:ETFC)
E*Trade Financial Corporation is a financial services company. The Company provides brokerage and related products and services primarily to individual retail investors under the brand E*TRADE Financial. The Company also provides investor-focused banking products, primarily sweep deposits, to retail investors. The Company operates in two segments: trading and investing, and balance sheet management. Its trading and investing segment offers a suite of financial products and services to individual retail investors. Its balance sheet management segment focuses on asset allocation and managing credit, liquidity and interest rate risks. Its hybrid service delivery model is delivered through various digital platforms: E*TRADE.com, E*TRADE Mobile and E*TRADE Pro. E*TRADE.com is its site that provides customers with tools, guidance, actionable ideas, research and education to take control of their finances. E*TRADE Mobile offers trading applications for various smartphones and tablets.
