Ameritrade Names Former Merrill Executive as CEO

The chief executive carousel continues for Ameritrade (AMTD), as the online brokerage firm has yet another chief executive, its third in about a year.

Ameritrade said Monday it named Joe Moglia to the post to replace founder Joe Ricketts. Ricketts, who will remain as the firm's chairman, has been serving as the CEO since August after Tom Lewis stepped down, citing personal reasons. Lewis resigned from the Omaha, Neb., brokerage firm just three months after taking control of the position. Prior to that, Lewis and Ricketts shared the role for more than a year.

Moglia is currently a senior vice president at Merrill Lynch (MER), where he serves as head of the investment performance and product group for private clients. He will stay with Merrill during a brief transition and formally join Ameritrade later this month.

He started at Merrill Lynch in 1984 and served in various roles within the company. Prior to that he was the defensive coordinator for the Dartmouth College football team.

Shares of Ameritrade were down 56 cents, or 6.3%, to $8.38 in recent Nasdaq trading.

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