|
Ameritrade CEO resigns
|
 |
August 7, 2000: 11:34 p.m. ET
Tom Lewis exits for personal reasons; founder Joe Ricketts steps in
|
NEW YORK (CNNfn) - Tom Lewis, chief executive of online broker Ameritrade Holding Corp., has resigned for personal reasons, the company said on Monday.
Joe Ricketts, chairman and founder of the Omaha, Neb.-based discount brokerage, will stand as interim CEO. Lewis may continue as a consultant to the chairman, the company said.
 Ameritrade, a company with 1999 revenue of $315 million that has built a following through a combination of catchy advertising and low trading commissions, has initiated a search internally and externally for a new CEO. Lewis' departure will not affect financial and operational performance, the company said.
The news was announced after the closing bell on Monday afternoon. Shares of Ameritrade (AMTD: Research, Estimates) rose 1/8 to 13-1/16 in the regular session.
Like many online brokers that have seen their stocks sell off this year as trading volumes have dropped, Ameritrade is trading well below a yearly high of 31 and just above a yearly low of 10-1/2.
Thomas, viewed as a leader in helping big companies succeed with the help of advanced technologies, was hired in March 1999 and shared the CEO seat with Ricketts.
Lewis took the reins as the company's sole CEO in May 2000. Prior to joining Ameritrade Lewis served as president of TenFold Insurance Systems Group, where he was responsible for all business operations.
In its most recent quarterly earnings report, released in July, Ameritrade reported a profit of $4.6 million for the fiscal third quarter ended June 30. The figure exceeded Wall Street analysts estimates, but was some 48 percent lower than net income in the same period one year ago. 
|
|
|
|
|
|
Ameritrade
|
Note: Pages will open in a new browser window
External sites are not endorsed by CNNmoney
|
|
|
|
 |
|
