UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
DC 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(D) OF THE
SECURITIES
AND EXCHANGE ACT OF 1934
Date of
report: December 21, 2009
(Date of
earliest event reported)
E*TRADE
FINANCIAL CORPORATION
(Exact
name of registrant as specified in charter)
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Delaware
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1-11921
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94-2844166
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(State
or other jurisdiction of incorporation)
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(Commission
File Number)
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(I.R.S.
Employer Identification No.)
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135
East 57th Street
New
York, New York 10022
(Address
of principal executive offices and zip code)
Registrant’s
telephone number, including area code: (646) 521-4300
Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions:
¨ Written communications pursuant to Rule
425 under the Securities Act (17 CFR 230.425)
¨ Soliciting material pursuant to Rule
14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨ Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
¨ Pre-commencement communications
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
On December 21, 2009, E*TRADE Financial Corporation
(the “Company”) announced the appointment of Robert A. Druskin, currently
the Company’s Lead Independent Director, as the Company’s Chairman and Interim Chief
Executive Officer,
effective December 31, 2009. As previously
announced, Donald H. Layton is
stepping down as Chairman and Chief
Executive Officer of the
Company and as a member of
the Board of Directors, but Mr. Layton has agreed to be available following his
departure to provide consulting services (paid at an hourly rate) to the Company
in order to assist with the transition.
Mr. Druskin, age 62, has been a director of the Company
since February 2008. Mr. Druskin is former Chief Operating Officer of Citigroup
and was a member of the Office of the Chairman. He joined Smith Barney in 1991
as Chief Administrative Officer, later taking on the role of head of Asset
Management and the Futures Division before returning to the role of CAO. In
2000, Mr. Druskin became Chief Operations and Technology Officer for Citi. He
later became the President and Chief Operating Officer, then CEO, of Citi
Markets & Banking. In December 2006, he was named Chief Operating Officer of
Citigroup. He is on the boards of Affiliated Computer Services and United Negro
College Fund, and is a Trustee of Rutgers University where he earned his BA.
During his service as
Interim Chief Executive Officer, Mr. Druskin’s compensation will be $300,000 per
month.
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has
duly caused this report to be signed on its behalf by the undersigned, hereunto
duly authorized.
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E*TRADE
FINANCIAL CORPORATION |
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Dated: December
21, 2009
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By:
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/s/ Karl A. Roessner |
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Name:
Karl A. Roessner
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Title:
Corporate Secretary
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