TD Ameritrade Holding on Thursday said its chief operating officer, Fred Tomczyk, will become chief executive in October, replacing Joe Moglia.
Moglia will retire as CEO on Oct. 1 and become chairman of the Omaha, Neb.-based company.
"TD Ameritrade has accomplished so many things since I joined the firm, delivering five consecutive years of record profitability," Moglia said Thursday.
Moglia, who was addressing employees Thursday afternoon, said Tomczyk will be a good successor.
Tomczyk joined the company last year and has overseen technology, retail sales and investment advisory. He worked at TD Bank Financial Group from 2000 to 2007.
"In the last six months we have demonstrated positive progress, but there are many more opportunities available to us," Tomczyk said Thursday. "I believe we can become the investment firm of choice for the typical American family."
TD Ameritrade said the transition will not alter the company's strategy. TD Ameritrade grew under Moglia from a $700 million company in 2001 to a $12 billion company, in part by buying nine other companies.
Tomczyk said the company's growth strategy will continue to focus on maintaining its leadership position in trades placed per day and will look to continued success with asset gathering.
Last fall, Ameritrade was able to draw customers away from rival E-Trade Financial Corp., which struggled after disclosing problems in its investments in home loans.
Through the first half of the fiscal year, Ameritrade reported $427.6 million, or 71 cents a share, on revenue of $1.26 billion. That's up from $286.8 million, or 47 cents a share, on revenue of $1.06 billion a year earlier.
Ameritrade's shares rose 29 cents to close Thursday at $18.21.
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