TD Ameritrade said Peter deSilva, who now leads Scottrade's retail distribution work, will join its senior executive leadership team after the two firms complete their planned merger. Tom Bradley, the current head of retail distribution for TD Ameritrade, is departing.
Bradley has spent the past 31 years at TD Ameritrade, working at the helm of its institutional business and building its relationships with independent registered investment advisors.
He became head of TD Ameritrade's retail business in early 2012, and Tom Nally took over as head of the RIA unit.
"It was a very difficult business decision, but it was the right one, considering the implications of the integration ahead of us, as well as the plans we have for the long-term growth of this company," said TD Ameritrade President and CEO Tim Hockey, in a statement.
"What Tom has done for TD Ameritrade and, arguably, the broader wealth management industry is incredible. I've known him for many years, and I know he will be missed. We are grateful for his service and wish him the very best," Hockey added.
Now leading Scottrade's retail business, deSilva has more than 30 years of financial services experience. He joined Scottrade in February 2016 and has worked with company founder Rodger Riney.
"Adding Peter deSilva to our leadership team is the right move for us as we begin work on a sizable integration," explained Hockey. "Peter will give us a strong cultural link to Scottrade's proud heritage that will be critical as we bring these two companies together."
As for when the $4 billion merger — which was announced on Oct. 24, 2016 —will wrap up, its executives say they expect the deal to close by Sept. 30.
