[Techtaffy Newsdesk]

E*TRADE has appointed Frank J. Petrilli to serve as interim chief executive officer, effective immediately. Mr. Petrilli’s appointment follows the departure of Steven J. Freiberg. Rodger Lawson has been appointed as lead independent director to serve as a representative for the non-management directors. Mr. Petrilli, who has served on E*TRADE’s Board since January 2012, will remain as Chairman.

Frank J. Petrilli (Chairman and interim CEO of E*TRADE Financial): The Board believes it is an appropriate time to transition the role of CEO to a new leader to guide the Company through the next phase of its evolution.

The E*TRADEĀ board has formed a committee to oversee the process of searching for a permanent CEO, which will retain an executive search firm to assist in identifying qualified external candidates to fill the position. The committee of the Board responsible for the executive search is composed of Frank Petrilli, Rodger Lawson, Kenneth Griffin, Donna Weaver and Stephen Willard.