E*Trade’s board of directors today said it has unanimously elected Chairman Donald H. Layton, 57, as chief executive officer, effective immediately.
Layton, a 32-year financial services industry veteran, was elected chairman of the board in November, after serving as an adviser to the board during negotiations that led to the Company’s previously announced $2.5 billion cash infusion. Acting CEO R. Jarrett Lilien will resume his role as president and remain a director of the company.
The Wall Street Journal reports that Layton’s appointment is aimed at rebuilding investor confidence and possibly preparing to position the company for sale.
“The board is fortunate to have had the opportunity to work closely with Don over the last few months as he helped construct the company’s turnaround plan. We have been tremendously impressed with his leadership and his vast business experience, which spans capital markets, consumer financial services and financial institution management,” said C. Cathleen Raffa li, the newly-elected lead independent director and member of the CEO search committee. “The board is highly confident that Don is the right choice to return E*Trade to its position as a growth company. We are pleased that he has agreed to accept the position of CEO.”