OMAHA, Neb. (AP) -- TD Ameritrade Holding Corp. said Friday that it has added Bharat Masrani to its board of directors and that Todd Ricketts, part of the family that founded the online brokerage, will step down from the board in February.
Masrani is the chief operating officer of TD Bank Group and is expected to become group president and CEO next year. He a designee for TD Ameritrade's board from The Toronto-Dominion Bank. Known as TD Bank, it is TD Ameritrade's largest shareholder with a 41 percent stake, according to FactSet. He fills a seat vacated by Kerry Peacock, who stepped down from the board.
TD Ameritrade said Friday that Ricketts' seat will be filled by an independent director.
The Omaha, Neb.-based company reached an agreement earlier this month to strengthen its ties to TD Bank while shrinking the role of the company's founding family. Under this agreement, the family of company founder Joe Ricketts will no longer control any board seats after 2016 and TD Ameritrade's 12-person board will include the CEO, five people chosen by Toronto Dominion and six independent directors.
TD Ameritrade said Friday that Peter Ricketts, the other director from the Ricketts family, will continue to serve on the board at this time.
TD Ameritrade shares fell 2 cents to close at $30.20 Friday.