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E*Trade exec backs out
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August 4, 1999: 9:35 a.m. ET
President of securities unit returns to TD Waterhouse after a week on the job
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NEW YORK (CNNfn) - The president of online discount brokerage firm E*Trade Securities Inc. has left the company a little more than a week after taking the job, the company announced Wednesday.
Frank Petrilli, who took the E*Trade position on July 26, will return to his previous job as president and chief operating officer of TD Waterhouse Group Inc. (TWE), an online investing firm.
Petrilli cited personal and family issues as the reason for his change of mind, and said it was not related to any opportunities at E*Trade.
"I know Frank to be a very decisive individual, and while this turnabout in such a short period of time is disconcerting, it is best for both companies now before coming on board with E*Trade Securities," said Christos Cotsakos, E*Trade's chief executive officer.
Shares of parent company E*Trade (EGRP) lost 4-5/16 to 24-11/16 Tuesday.
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E*Trade
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