TD Ameritrade CEO to step down, company's fiscal Q3 earnings mixed
TD Ameritrade Holding Corp. said late Monday Chief Executive Tim Hockey will step down, with the board starting a search for a new CEO. Hockey will remain the top executive until February 2020; if a successor is not identified by then, he'll move on to an advisory role to help with the transition, the company said. In a separate press release, the broker reported mixed fiscal third-quarter earnings. TD Ameritrade earned $555 million, or $1 a share, in the quarter, compared with $451 million, or 79 cents a share, in the year-ago period. Adjusted for one-time items, TD Ameritrade earned $578 million, or $1.04 a share, compared with 89 cents a share a year ago. Revenue rose 8% to $1.5 billion. Analysts polled by FactSet had expected the company to report adjusted earnings of 97 cents a share on sales of $1.47 billion. Shares rose 1% in the extended session after ending the regular trading day up 1.6%.
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