E-Trade Financial Corp. said Monday that its lead independent director, Robert Druskin, has been named the New York company's chairman and interim chief executive.
Druskin, a member of E-Trade's board since February 2009, will assume both roles Dec. 31 and replaces Don Layton, who is expected to retire at yearend. The company said Druskin, who has also been the chairman and chief operating officer of Citigroup Inc., is not a candidate for permanent CEO.
Layton will continue to work for E-Trade as a consultant, as needed by Druskin and the company's next CEO.
"It is with great pride and appreciation that I turn E-Trade over to Bob as the next CEO," Layton said in a press release. "I look forward to helping ensure a smooth transition and to seeing the company prosper in the years ahead."
Druskin stressed that E-Trade has added brokerage accounts despite the poor economy, and has had "record year-to-date trading volumes."