TD Ameritrade said late Monday that its popular president and CEO, Tim Hockey, is leaving the company early next year.
In an announcement, the company said its board and Hockey had “made the decision that he will leave the company upon the appointment of a new leader to guide its next phase of growth.”
Candidates from both within and beyond the company will be considered to replace Hockey.
“This is very sad for the industry. He was a breath of fresh air — a nonconformist executive parachuted into the U.S. brokerage world from Canada,” said Tim Welsh, head of the consultancy Nexus Strategy.
“Why he [is leaving] is a big mystery, as everyone liked him. He swore that TD Ameritrade would never compete with RIAs and everyone believed him. He will be missed,” Welsh explained.