Pres Out, CMO in at E*Trade
Steve’s breakdown: BlackRock Inc.’s Liza Landsman as its new chief marketing officer and she will be starting at the end of May. And just as a reminder, we reported “$140 million E*Trade account loses CMO” back in March where we suggested the E*Trade baby just might be fired.
SAN FRANCISCO, CA: E*Trade Financial Corp.’s ( ETFC ) executive turnover continued late Tuesday as the online brokerage said its long-time brokerage head Michael Curcio will leave the company, while it also hired a president and marketing chief, respectively.
In a filing with the Securities and Exchange Commission, E*Trade said Mr. Curcio’s employment as an officer would end on May 1, though he will remain an employee of the company in an advisory role for up to six months. Mr. Curcio worked at E*Trade since 2002, after a previous 15-year tenure at rival TD Waterhouse.
Mr. Curcio’s planned departure means that of E*Trade’s six most highly paid executives last year, only Finance Chief Matt Audette will still be an officer next month with the company.
Among new hires, E*Trade said it recruited Morgan Stanley executive Navtej Nandra as its president and BlackRock Inc.’s Liza Landsman as its chief marketing officer. The company said Mr. Nandra will join E*Trade effective immediately, while Ms. Landsman will start by the end of May.
Mr. Nandra, 46, will oversee E*Trade’s core domestic retail brokerage, essentially assuming Mr. Curcio’s responsibilities, while Ms. Landsman will fill the role left vacant by the departure of Nicholas Utton, who left his position as E*Trade’s chief marketing officer last month.
Mr. Nandra was previously head of international at Morgan Stanley’s asset management business and also held the role of chief operating officer of global investment banking and other positions at Merrill Lynch, now a unit of Bank of America Corp.
Ms. Landsman was most recently global head of digital at BlackRock where she was responsible for “defining, analyzing, and executing the digital marketing strategy,” E*Trade said.
The executive exodus at E*Trade comes as the company continues to recover from bad bets made on the U.S. housing market. Since late 2007, E*Trade has set aside billions of dollars to offset losses in its bank’s mortgage portfolio.
In late January, the company hired Paul Idzik, a former Barclays PLC (BCS, BARC.LN) executive–who is E*Trade’s seventh CEO, counting interim heads–since its mortgage problems began in late 2007.
On a conference call earlier this month, Mr. Idzik said he has spent roughly three months at E*Trade reviewing the ” composition, roles and responsibilities of the company’s executive committee.”
Mr. Idzik also said he made the decision to eliminate the company’s chief operating officer position and decided to ” sharpen” its marketing efforts.
Shares of E*Trade closed down 0.2% at $10.29. The stock has climbed 15% year-to-date.
ACLink: E*TRADE Financial Corporation