FINSwire May 12 2011

E*Trade CEO to Serve As Interim Chairman

By brett philbin

E*Trade Financial Corp chairman Robert Druskin said the online brokerage's chief executive, Steven Freiberg, will serve as interim chairman following Thursday's annual meeting.

Druskin announced the move to a handful of stockholders at the meeting in New York. The former Citigroup Inc. executive is leaving E*Trade to become chairman of the Depository Trust and Clearing Corp., or DTCC.

Under Freiberg's roughly one-year tenure, E*Trade returned to profitability last year, though the company still faces mortgage-related issues tied to its bank's legacy portfolio.

Shares of E*Trade recently traded 1% lower at $16.18.

Brett Philbin is a reporter for Dow Jones Newswires, where this story originally appeared. Write to him here.

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