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
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Mr. Gary H. Stern notified E*TRADE Financial Corporation (the “Company”) of his resignation from the Company’s Board of Directors (the “Board”) on December 14, 2018, effective on December 31, 2018.
to the Board’s ongoing director succession planning process, on December 18, 2018, the Board elected Mr. Robert Chersi to the Board and its Audit and Risk Oversight Committees, effective January 1, 2019 (the “Effective Date”). Mr. Chersi will stand for re-election at the 2019 Annual Stockholders Meeting.Mr. Chersi has also been elected to the E*TRADE Bank Board of Directors effective as of the Effective Date.
Consistent with the Company’s non-employee director compensation policy, as of the Effective Date, the Board approved the payment of a pro-rata annual retainer to Mr. Chersi in the amount of $42,667 in cash, to be paid on a quarterly basis, and a grant of restricted stock with a fair market value on the Effective Date equal to $46,222, which will vest one year from the Effective Date.
There are no arrangements or understandings between Mr. Chersi and any other persons to which he was selected as a director. Additionally, he has no direct or indirect material interest in any transaction required to be disclosed to Item 404(a) of Regulation S-K.
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.
