[Techtaffy Newsdesk]

Fred Tomczyk, president and chief executive officer, of TD Ameritrade, intends to sell up to 200,000 shares of the company’s common stock, approximately 8 per cent of his 2.5 million shares.

The transaction has been approved by the company’s board of directors Compensation Committee. Mr. Tomczyk will continue to exceed the company’s share ownership guidelines, which are set at 10-times his base salary.

The shares will be sold between now and Mar. 15, 2013. Mr. Tomczyk plans to use the proceeds to fulfill diversification and liquidity needs within his portfolio and to satisfy charitable commitments, says the company.