Just three days after Charles Schwab closed its $22 billion purchase of TD Ameritrade, a number of executives are set to leave the combined entity — including TD Ameritrade Institutional President Tom Nally.
The news follows Schwab’s plan to have the current 19-member Schwab Executive Council — which includes CEO Walt Bettinger and Chairman Chuck Schwab — lead the firm, according to a memo shared with ThinkAdvisor and first reported by Wealth Management.
“As result of these decisions, the following members of TD Ameritrade Senior Operating Council (SOC) will be leaving the company,” the memo stated. These executives are:
- Steve Boyle, Interim President and Chief Executive Officer
- Prashant Bhatia, Managing Director, Enterprise Strategy & Corporate Development
- Peter deSilva, President, Retail
- Karen Ganzlin, Executive Vice President, Chief Human Resources Officer
- Spyro Karetsos, Chief Risk Officer
- Tom Nally, President, TD Ameritrade Institutional
- Steve Quirk, Executive Vice President, Trading and Education
- Vijay Sankaran, Chief Information Officer
“These respected professionals have played an important role in TD Ameritrade’s remarkable achievements and demonstrated a deep commitment to the success of this transaction,” the firm added.
The full integration of the two firms should take 18 to 36 months to complete. This means the technology tie-up and related efforts won’t be done until April 2022 at the earliest and by October 2023 at the latest.
Until then, Schwab and TD Ameritrade will operate as separate businesses.
Earlier Exec Exits
Dani Fava, the former head of innovation for TD Ameritrade Institutional, left the firm in July and is now head of strategic development for Envestnet. Her departure came about seven weeks after the Department of Justice and shareholders approved Charles Schwab’s merger with TD Ameritrade.
In August, Skip Schweiss, the former managing director of Retirement Plan Solutions and Advisor Advocacy for TD Ameritrade Institutional also departed.