- Push-out Score determined
- After less than three years in the position
- Praise, thanks and good wishes for Hockey
- Search for a successor
- Hockey said 90 words
(exechange) — Omaha, Nebraska, July 22, 2019 — Tim Hockey, chief executive of TD Ameritrade, leaves. As announced by TD Ameritrade Holding Corp. in a news release and in a regulatory filing published on Monday, July 22, 2019, Timothy D. (Tim) Hockey, Chief Executive Officer, leaves the online brokerage after less than three years in the role, effective upon the appointment of a new leader.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who departed over the past 12 months was 7.5 years, according to data compiled by exechange. Only 22 percent of the CEOs who departed over the past 12 months left their position within three years.
TD Ameritrade will undertake a search for a successor.
“In discussing the best path forward”
Tim Hockey’s departure from the CEO post is explained as follows. TD Ameritrade said: “In discussing the best path forward for TD Ameritrade Holding Corporation (Nasdaq: AMTD) – its clients, Associates and shareholders – the company’s board of directors and President and Chief Executive Officer Tim Hockey have made the decision that he will leave the company upon the appointment of a new leader to guide its next phase of growth.”
Precise information regarding Tim Hockey’s future plans was not immediately available.
“Step down”
TD Ameritrade said: “On July 22, 2019, Tim Hockey and the Board of Directors of the Company agreed that Mr. Hockey will step down as President, Chief Executive Offer and director, effective upon the date his successor commences employment, but in no event later than February 29, 2020.”
Share price decline
The announcement follows a decline in TD Ameritrade Holding Corporation’s share price of 17 percent since June 2018.
Chaired by Joe Moglia
TD Ameritrade Holding Corporation is chaired by Joe Moglia.
In the position of CEO since 2016
Tim Hockey has been CEO of the company since October 2016.
Until his successor commences employment, Hockey will continue to serve as the President, Chief Executive Officer and a director of the Company, and Hockey will serve as a senior advisor to the Company and will act as a special advisor to the incoming President and Chief Executive Officer through February 29, 2020 if a successor commences employment before that date.
Hockey joined the Company as president and was elected to the Company’s board of directors in January 2016.
He became CEO of the Company on October 1, 2016.
Prior to joining the Company, Hockey served as group head, Canadian Banking and Wealth Management, TD Bank Group since July 2013 and president and chief executive officer of TD Canada Trust since June 2008 and was primarily responsible for the leadership of Canadian banking, which included Canadian personal banking, business banking, auto finance, global direct investing, advisory and Canadian asset management businesses.
In over 30 years with TD, Hockey held senior positions in a variety of areas including mutual funds, retail distribution, information technology, core and small business, credit cards and personal lending.
Hockey serves on the advisory board of the Richard Ivey School of Business and as chairman of the CivicAction Leadership Foundation.
He served as chairman of the Canadian Bankers Association’s Executive Council and as a director of the SickKids Foundation.
Hockey was previously named one of Canada’s “Top 40 Under 40,” a program that celebrates Canadians who have reached significant success before the age of 40 in the private, public and not-for-profit sectors.
Hockey received an M.B.A. from the University of Western Ontario.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to TD Ameritrade and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 30.2019 ($).