“We are grateful to Tim for his leadership and the contributions he made to the company over his tenure as CEO," board chairman Joe Moglia said in a prepared statement. "He played a key role in the successful integration of Scottrade and has taken important steps to position TD Ameritrade for long-term success. We are pleased that he has agreed to remain in his role to ensure a smooth transition while we conduct our search to identify the right candidate to lead the company in its next chapter of growth.”
Hockey has agreed to stay on in his role until the end of February 2020, according to the release. If his successor is named before that time, he will move into an advisory role to help with the transition.
“The time I’ve spent working alongside my fellow associates at TD Ameritrade has been one of the highlights of my career,” Hockey said in a prepared statement. “Together we embarked on a journey to transform lives and investing for the better, and we’ve accomplished a lot. I believe TD Ameritrade is well positioned to continue as an industry leader and innovator and, until my last day, 100 percent of my energy will be focused on helping our associates drive our strategy forward. I’m intent on keeping our momentum going, and setting up my successor for long-term success.”