Source: E*Trade Financial Corporation
E*TRADE FINANCIAL Corporation (NYSE:ET) today announced an organizational realignment designed to more directly link the Company's business operations with its high growth customer segments.
The new management structure will align all operations directly to the Company's retail and institutional customer segments, marking a change from the prior business alignment of banking and brokerage.
To manage the operations of the realigned organization, the Board has approved the promotion of Lou Klobuchar, Jr. to President, E*TRADE Financial Services and the election of Dennis Webb to a newly created executive officer position, President, E*TRADE Capital Markets. Both Mr. Klobuchar and Mr. Webb will report to E*TRADE FINANCIAL President and COO R. Jarrett Lilien.
"Today's announcement signals the next chapter of the Company's evolution," said Mitchell H. Caplan, the Company's Chief Executive Officer. "With all business operations directly aligned with high growth customer segments, we are poised to deliver top line revenue growth and bottom line results for shareholders by providing our key customers a wide range of value-priced, integrated financial solutions that offer advanced functionality and service."
Lou Klobuchar Jr., formerly the Company's Chief Brokerage Officer and President of E*TRADE Securities LLC, will be responsible for all businesses serving the global retail customer. In this expanded role, Mr. Klobuchar will be responsible for driving complete integration of all of E*TRADE FINANCIAL's retail products, launching the next generation of product innovation and driving overall growth in the Company's retail business.
In his capacity as President, E*TRADE Capital Markets, Dennis Webb will be responsible for all businesses serving the global institutional customer. Webb, formerly Executive Vice President, Capital Markets -- Banking, has been employed by E*TRADE FINANCIAL since 2000, and has served in the roles of Asset Liability Manager, Head of Whole Loan Secondary Markets and President of E*TRADE Global Asset Management.
As part of the organizational shifts, the Company will realign its external financial segment reporting around the new retail and institutional customer segments. The Company anticipates that systems adjustments will be in place to enable the Company to report in this manner for periods beginning on or after January 1, 2005. The financial performance for 2004 will continue to be reported as Bank and Brokerage, in accordance with the manner in which the business was managed during this period.