TD Ameritrade's Operating Chief Resigns

TD Ameritrade Holding Corp. said Marv Adams has resigned as chief operating officer, a move that comes amid leadership changes at the top of the brokerage.

Mr. Adams will continue to serve as an adviser until Dec. 1, reporting to CEO-elect Tim Hockey. Ameritrade said it won't replace Mr. Adams and will eliminate the chief operating officer position.

"Since he joined TD Ameritrade in 2011, Marv Adams has helped create a culture of continuous improvement, making us more agile and simplifying the way we work," Mr. Hockey said in prepared remarks.

Ameritrade said in November that Mr. Hockey, who had previously headed Toronto-Dominion Bank's domestic banking and wealth-management operations, would become its chief executive. Ameritrade is an affiliate of the Canadian bank.

Mr. Hockey replaced current Chief Executive Fred Tomczyk as president in January, and will transition into the chief executive spot on Sept. 30.

In July Ameritrade reported better-than-expected quarterly results, boosted by increased commissions and fees, and a favorable tax-liability adjustment.

Shares were inactive premarket and have lost 19% of their value over the past 12 months.

Write to Brittney Laryea at [e-mail]

(END) Dow Jones Newswires

August 02, 2016 09:55 ET (13:55 GMT)

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