NEW YORK--(BUSINESS WIRE)--E*TRADE FINANCIAL Corporation (NASDAQ: ETFC) today announced the departures of two executive officers. Chief Financial Officer Robert J. Simmons will resign from his position effective on or before May 9, 2008, and General Counsel and Corporate Secretary Arlen W. Gelbard resigned from his position effective April 22, 2008.
Matthew J. Audette, the Company’s controller and an executive vice president since July 2005, will be appointed acting Chief Financial Officer immediately upon Mr. Simmons’ resignation from the position. Mr. Audette will manage the finance, tax and accounting functions while the Company searches for a permanent replacement for Mr. Simmons. As controller, Mr. Audette has been an integral part of E*TRADE’s finance staff, managing all accounting functions and SEC reporting.
Russell S. Elmer will act as General Counsel on an extended interim basis. Mr. Elmer served as E*TRADE’s General Counsel and Corporate Secretary for six years prior to his departure in June 2007. During his tenure, Mr. Elmer’s responsibilities encompassed legal affairs, human resources and compliance. As General Counsel and Corporate Secretary, Mr. Elmer will manage the legal and compliance functions for the Company.
About E*TRADE FINANCIAL
The E*TRADE FINANCIAL family of companies provides financial services including trading, investing, banking and lending for retail and institutional customers. Securities products and services are offered by E*TRADE Securities LLC (Member FINRA/SIPC). Bank and lending products and services are offered by E*TRADE Bank, a Federal savings bank, Member FDIC, or its subsidiaries.
E*TRADE FINANCIAL, E*TRADE and the E*TRADE logo are trademarks or registered trademarks of E*TRADE FINANCIAL Corporation. The statements contained in this news release that are forward-looking are based on current expectations that are subject to a number of uncertainties and risks, and actual results may differ materially. The uncertainties and risks include, but are not limited to, changes in market activity, anticipated increases in the rate of new customer acquisition, the conversion of new visitors to the site to customers, the activity of customers and assets held at the institution, seasonality, macro trends of the economy in general and the residential real estate market, instability in the consumer credit markets and credit trends, rising mortgage interest rates, tighter mortgage lending guidelines across the industry, increased mortgage loan delinquency and default rates, portfolio growth, portfolio seasoning and resolution through collections, sales or charge-offs, the development and enhancement of products and services, competitive pressures (including price competition), system failures, economic and political conditions, changes in consumer behavior and the introduction of competing products having technological and/or other advantages. Further information about these risks and uncertainties can be found in the information included in the annual reports previously filed by E*TRADE FINANCIAL Corporation with the SEC on Form 10-K (including information under the caption "Risk Factors") and quarterly reports on Form 10-Q.
© 2008 E*TRADE FINANCIAL Corporation. All rights reserved.