TD Ameritrade (AMTD) said early Tuesday that President & CEO Fred Tomczyk plans to retire in September 2016.
The company’s board tapped TD Canada Trust President & CEO Tim Hockey to become TD Ameritrade president in January and CEO in September; Hockey also currently heads TD Bank Group’s Canadian banking and wealth management business.
Tomczyk, 60, has been CEO since 2008. He joined the company as a board member following its purchase of TD Waterhouse USA in January 2006 and was named chief operating officer in 2007.
According to the firm, his legacy includes “seven consecutive years of double-digit annualized net new client asset growth, an expanded leadership position in trading and innovation, growth in total client assets from $278 billion in 2008 to nearly $700 billion today, consistent best-in-class employee engagement rates of more than 85% and industry-leading shareholders returns.”
“Throughout his tenure Fred has guided our company through challenging economic times that were far beyond the control of any CEO. And yet, he had the foresight to push ahead – to invest in future growth and to take market share,” said TD Ameritrade Chairman Joe Moglia, in a statement.
Hockey’s primary responsibilities today include leadership of TD Canada Trust, which encompasses Canadian personal banking, business banking and auto finance, as well as oversight of TD’s global wealth management division, which includes the bank’s direct investing, advisory and Canadian asset management businesses.
“Thanks to a close partnership between TD Bank and TD Ameritrade that has grown and evolved over nearly 10 years, I have been able to observe the company, its culture and its operations,” Hockey said, in a press release. “TD Ameritrade has a 40-year legacy of innovation and commitment to its clients, and a strong, vibrant culture that has helped it develop a significant leadership position in a competitive industry. I could not be more excited to join the organization and look forward to doing my part to help build upon that legacy.”
Hockey recently has been in charge of strategy and operations for the firm’s Canadian business, which has annual revenues of about Canadian $13 billion, Moglia says.
“Over a career spanning more than 30 years, he has held senior positions in a variety of areas, including wealth management and information technology, and has a track record of developing organizations with a strong client focus,” explained Moglia in a statement. “After a rigorous process the board was unanimous in selecting Tim as the right person to lead TD Ameritrade going forward and continue our strong momentum.”