OMAHA, Neb. (AP) -- Online brokerage TD Ameritrade on Tuesday named Kerry Peacock, a TD Bank executive, to its board of directors.
Peacock replaces William Hatanaka, who stepped down from the board on Friday.
Peacock was designated for the post by the board's directors representing The Toronto-Dominion Bank, Ameritrade's biggest shareholder with 45 percent of the stock.
Peacock joined TD Bank in 1981, and currently serves as the executive vice president of TD Waterhouse Discount Brokerage, leading the global direct investing business of TD Bank Group
In 2011, board members who were not employees of Ameritrade, excluding the chairman, were eligible to receive an annual cash retainer of $80,000 plus an annual grant of $130,000 worth of restricted stock, according to the company's latest annual filing with the Securities and Exchange Commission. However, the filing says that Peacock's predecessor, Hatanaka, elected not to receive compensation in 2011 for his services as a director. Hatanaka became a senior adviser to the chief executive officer of TD Bank Group in November 2010.
Non-employee directors are also reimbursed for expenses from attending board meetings. TD Ameritrade also provides liability insurance for its directors and officers.