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E*Trade Financial appoints Steven Freiberg chief executive officer

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E*Trade Financial, a provider of online brokerage and related banking products and services to retail investors, has appointed Steven Freiberg as chief executive officer, effective 1 April 2010.

Freiberg (pictured), an experienced financial services executive, held multiple senior level positions over a 30-year career at Citigroup.

Freiberg, who also will join the company’s board of directors, succeeds interim chief executive officer Robert Druskin. Druskin will remain on the board, continuing in his role as chairman.

Freiberg recently served as co-chairman and co-chief executive officer of Citigroup’s global consumer group, which constituted all consumer business lines in 53 countries, including investment products, retail/commercial banking, credit cards, mortgages, and consumer finance.

During his tenure at Citigroup, Freiberg also served as chairman and chief executive officer of Citi Cards.

Druskin says: "The board is delighted to welcome Steve to lead E*Trade into its next phase of growth. Steve is an exceptional senior financial services executive who brings extensive experience in driving the strategic direction and management of a broad and diverse consumer financial services franchise. We are fortunate to have Steve as our next chief executive officer and are confident that he is the best person to help E*Trade reach its full potential."

"E*Trade is an extraordinary company with a powerful brand and a compelling customer value proposition," adds Freiberg. "Bob Druskin and Don Layton, his predecessor, did a terrific job leading the company through very challenging times and positioning the organisation for success. I look forward to the opportunity to work with the company’s talented management team to build on that momentum and help drive E*Trade’s future growth and profitability."

Freiberg has served as a board member of MasterCard International since 2006. He also serves on the board of the March of Dimes and is co-chair of the NYC Council of Habitat for Humanity.

E*Trade also announced y that it will seek the approval of its stockholders for a one-for-ten reverse stock split and a corresponding decrease to the company’s authorised shares of common stock to a total of 400,000,000 shares at the company’s 2010 annual meeting to be held on 13 May 2010.

"With 2009’s successful recapitalization behind us, our permanent chief executive in place on 1 April, and a focus on returning to sustained profitability, we believe a reverse stock split is a logical next step for the company as we complete our financial and managerial restructuring," says Druskin. "Our board has authorised these actions and we look forward to sharing the proposal with stockholders."

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