E*Trade Financial (EFTC) announced Thursday that its chairman, Frank Petrilli, has been named interim CEO effective immediately, following the departure of Steven Freiberg from that post. Petrilli, who has served on E*trade’s board since January, will remain chairman while the company searches for a permanent CEO. Freiberg had joined E*Trade in 2010 following a long career at Citigroup.
In the most recent quarter ended June 30, E*Trade reported sharp decreases in both net income and revenue compared with the prior quarter and the year-ago period. Trading volume also declined: in the quarter ended June 30, E*Trade reported 8.7 million trades and daily average revenue trades of 138,653, down 10% and 12%, respectively, over the prior quarter, and down 6% in total trades and 6% in DARTs from the quarter ended June 30, 2011.