Former-Citigroup executive employed by E*Trade

23 March 2010

Steven Freiberg, formerly chief executive officer (CEO) at Citigroup’s global consumer offshoot, has been appointed CEO at online broker E*Trade.

According to the financial service provider, the 53 year-old previously worked at the bank for 30 years on a range of products including investment products and consumer finance.

Mr Freiberg also worked as CEO and chairman of Citirgroup’s Citi Cards and Investment Products units.

Robert Druskin, chairman at E*Trade, explained that the company had employed the executive due to his “extensive experience” in developing business strategy and working on consumer finance.

Mr Freiberg said: “E*TRADE is an extraordinary company with a powerful brand and a compelling customer value proposition.

“Bob Druskin and Don Layton, his predecessor, did a terrific job leading the company through very challenging times and positioning the organization for success.”

Mr Druskin, who has been interim CEO, will continue to remain on E*Trade’s board as chairman.

Meanwhile, the company is also looking for the approval of shareholders to implement a 1-for-10 reverse stock split.

A vote on the issue, which would reduce the number of shares to 400 million, will be held at the firm’s forthcoming annual general meeting in May.

By Jim Ottewill

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