TD Ameritrade's Moglia to Cede CEO Role - TheStreet

TD Ameritrade's Moglia to Cede CEO Role

The online brokerage's CEO will become chairman. TD Ameritrade President and COO Fred Tomczyk will be chief executive.
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TD Ameritrade

(AMTD) - Get Report

is making changes to its executive management lineup.

The online brokerage's veteran CEO Joe Moglia is ceding his daily managerial responsibilities in order to become chairman. TD Ameritrade President and COO Fred Tomczyk will succeed Moglia as chief executive. The changes are effective as of October 1, the start of TD Ameritrade's fiscal 2009 year, the company said.

Moglia, 59, has been TD Ameritrade's CEO since 2001. He follows in the footsteps of chairman, former CEO and major shareholder, Joe Ricketts. Ricketts said in February at the company's annual meeting that he planned to retire when his contract expires at the end of September, a spokeswoman said.

Under Moglia's leadership, TD Ameritrade has been expanding past its online trading roots to include financial advisory services targeted to "mass affluent" investors -- those typically with $100,000 to $1 million of investable assets.

It was one reason why Moglia went ahead with a merger with

TD Bank's

retail brokerage, TD Waterhouse in 2006.

Tomczyk, 52, joined the company last year as its chief operating officer and has been responsible for operations, technology, retail sales functions and the registered investment adviser channel. Since 2000, he has been a part of the executive leadership team at TD Bank.

"TD Ameritrade has accomplished so many things since I joined the firm, delivering five consecutive years of record profitability and most recently, launching a new era for TD Ameritrade as an asset-gatherer," Moglia said in a statement. "I truly couldn't imagine a better successor than Fred Tomczyk. I look forward to continuing our professional relationship and serving our shareholders as TD Ameritrade's new chairman of the board."

Shares rose 1.6% on Thursday to $18.21. Shares of other online brokers

Charles Schwab

(SCHW) - Get Report

and

E*Trade Financial

(ETFC) - Get Report

also advanced.