Family Office
TD Ameritrade tweaks business-governance structure
Discount broker moves to give teeth to segmentation, integration
strategies. TD Ameritrade has replaced its "Office of the Chief
Executive" management structure with a senior operating committee
of business-unit leaders and in-house functional heads. The
discount broker says the change will help it deliver on its
market-segmentation and integration strategies by centralizing
all client-facing groups.
"We are confident that we have the right operational structure
and a strong, experienced management team in place to continue
delivering on our integration goals and long-term growth
strategy," says TD Ameritrade CEO Joe Moglia.
The "integration goals" Moglia mentions have to do with marrying
the legacy businesses and information systems of online
brokerages Ameritrade and TD Waterhouse, which combined in 2005
to form TD Ameritrade.
Committee members
Omaha-based TD Ameritrade's management-structure change coincides
with a couple of top-tier departures.
CIO Randy McDonald will retire on 1 June 2007, by which time TD
Ameritrade expects to have finished integrating the legacy client
databases of Ameritrade and TD Waterhouse. The company is in the
process of exploring "internal and external opportunities" in
search of a replacement for him.
Asiff Hirji, formerly president of TD Ameritrade's private-client
group, has left the company already. He plans to return to the
private-equity industry, which he left to join Ameritrade in
2003.
In an apparent promotion, former chief strategy officer Chris
Armstrong has been made head of TD Ameritrade's Client Group, a
new position. In that role he will lead all of TD Ameritrade's
"client-facing initiatives, including the retail and
institutional businesses, marketing and sales, and the overall
client experience," according to a company press release.
In addition to Armstrong, the operating committee members are:
chief information officer Jerry Bartlett, RIA institutional
services head Tom Bradley, retail sales head John Bunch, chief of
brokerage operations Bryce Engel, head of business development
Wayne Ferbert, chief marketing officer Laurine Garrity, CFO Bill
Gerber, retail investor group and special projects head Dave
Kelley and general counsel Ellen Koplow. -FWR
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