Although TD Ameritrade Institutional President Tom Nally and seven other TD Ameritrade executives are leaving after the completion of the merger with Charles Schwab, significant severance packages will be easing their departures in at least some of their cases, according to a proxy filing with the Securities and Exchange Commission.
Nally stands to receive $8.9 million in total payments and benefits. Former TD Ameritrade CEO Tim Hockey departed in February with a package worth more than $37 million.
Among the other former TD Ameritrade executives, Peter deSilva, president of retail, is to get $5.5 million, while Stephen Boyle, interim CEO and president, is to get $6.4 million and Steven Quirk, executive vice president of trading and education, is to collect $5.7 million.
The news that these executives would be departing came three days after Charles Schwab closed its $22 billion purchase of TD Ameritrade.
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“No great surprise as the merger closes and integration begins,” blogger Michael Kitces said in a tweet. “Much respect to them for seeing the deal through and stewarding TDA to the end.” He added, with a smiling emoji: “(I’m sure they were appropriately compensated, too.)”
Schwab had also indicated it planned 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.