The board of directors of TD Ameritrade Holding Corporation (NASDAQ: AMTD) has approved the appointment of Joe Moglia, the Company's current chief executive officer, to the role of chairman, effective Oct. 1, 2008.
The board has also approved the promotion, effective immediately, of Fred Tomczyk, the Company's chief operating officer, to president and COO, and has elected him to become the firm's next CEO when Moglia assumes the chairmanship in October. The board expects a smooth transition, given Tomczyk's leadership on the development and implementation of the firm's long-term growth strategy.
Under Moglia's leadership, the Company's market capitalization grew from $700 million in 2001 to more than $12 billion today. Moglia led the growth and development of TD AMERITRADE as it became one of the largest brokerage firms in its space and the industry leader in the number of online equity trades placed each day. He led an aggressive acquisition strategy that included nine deals within his seven-year tenure, the two largest being Datek Online Holdings in 2002 and TD Waterhouse Group, Inc. in 2006. His leadership skills and charisma have inspired the Company's management and associates to take immense pride in the firm's mission and success under his guidance.
"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," said Moglia. "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."
Tomczyk joined the Company in July 2007 as COO and has been responsible for the Company's operations, technology, retail sales functions and registered investment advisor channel. He previously served as an original member of the TD AMERITRADE board of directors upon the Company's acquisition of TD Waterhouse in January 2006 and played a key role in helping define the firm's growth strategy.
"Our focus is and continues to be on a growth strategy centered on maintaining our leadership position in trades placed per day, continued success with asset gathering and meeting the long-term financial needs of our clients," Tomczyk said. "In the last six months we have demonstrated positive progress, but there are many more opportunities available to us. I believe we can become the investment firm of choice for the typical American family, and I look forward to helping each and every one of our associates play a role in making that happen."
Tomczyk was a key component of TD Bank Financial Group's executive leadership team from 2000 to 2007, during which time he led the bank's retail branch network and wealth business and served as vice chairman of corporate operations. Prior to joining TD Bank, Tomczyk was the president and CEO of London Life. He has a Bachelor of Science, Applied Economics & Business Management degree from Cornell University and currently serves on the university's undergraduate business program advisory council.