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Schwab Senior Execs to Stay, Most of TD Ameritrade’s to Go After Merger

October 13, 2020

Following its acquisition of TD Ameritrade, Charles Schwab will cut most of TD Ameritrade’s top executives while retaining all of its own, according to news reports.

Among the TD Ameritrade executives being cut are CEO Steve Boyle and institutional head Tom Nally, FA-IQ sister publication Ignites writes, citing an email from a Schwab spokesperson. 

Six more executives from TD Ameritrade’s 13-member senior operating council are leaving the firm: Prashant Bhatia, managing director for enterprise strategy and corporate development; Peter deSilva, retail president; Karen Ganzlin, executive vice president and chief human resources officer; Spyro Karetsos, chief risk officer; Steve Quirk, executive vice president for trading and education; and Vijay Sankaran, chief information officer, Ignites writes, citing the email.

"Our combined firm will be led by the current 19-member Schwab Executive Council, including CEO Walt Bettinger and Chairman Chuck Schwab," the spokesperson writes to Ignites. 

The spokesperson declined to identify the five remaining members of TD Ameritrade’s senior operating committee, according to the publication. But an archived version of TD Ameritrade’s website indicates that they are Kim Hillyer, managing director for corporate communications; James Kostulias, managing director for integration management; Lee McAdoo, managing director for business transition; Jon Peterson, interim chief financial officer; and Andrew Yolin, interim chief marketing officer, Ignites writes

Several TD Ameritrade executives left the firm in the leadup to the $26 billion merger, which closed October 6. In August, Skip Schweiss, TD Ameritrade’s former head of retirement plan solutions and advisor advocacy, tweeted that he was “funemployed," and Scott Belous, former managing director of digital client experience, went to LPL Financial.

Earlier this year, Dani Fava, TD Ameritrade’s director of innovation since 2016, leftfor Envestnet.

One of the first of TD Ameritrade’s executives to bolt was Judy Ricketts, managing director of retail investor services at TD Ameritrade, who left for LPL to oversee strategy in its operations division.

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By Alex Padalka
  • To read the Ignites article cited in this story, click here if you have a paid subscription.
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Tags:  Staffing and recruiting , Charles Schwab , Envestnet , LPL Financial , TD Ameritrade , Schwab

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