Departing TD Ameritrade Execs Glide Out on Golden Parachutes

Schwab had also indicated it planned to have the current 19-member Schwab Executive Council — which includes CEO Walt Bettinger and Chairman Chuck Schwab — lead the firm, according to a memo shared with ThinkAdvisor and first reported by Wealth Management.

"As result of these decisions, the following members of TD Ameritrade Senior Operating Council  (SOC) will be leaving the company," the memo stated. Those executives included Boyle, deSilva, Nally and Quirk. Also included were: Prashant Bhatia, managing director, Enterprise Strategy & Corporate Development; Karen Ganzlin, executive vice president and chief human resources officer; Spyro Karetsos, chief risk officer; and Vijay Sankaran, chief information officer.

Joe Moglia, TD Ameritrade's former chairman, announced Oct. 6 that he was departing. Dani Fava, the former head of innovation for TD Ameritrade Institutional, already had left the firm, in July, and is now head of strategic development for Envestnet. In August, Skip Schweiss, the former managing director of Retirement Plan Solutions and Advisor Advocacy for TD Ameritrade Institutional, also departed.

The following TD Ameritrade senior executives are remaining on and joining Schwab, according to an RIABiz report: Kim Hillyer, managing director of corporate communications; James Kostulias, managing director integration office; Lee McAdoo, managing director of business; Jon Peterson, interim chief financial officer, and Andrew Yolin, interim chief marketing officer.

The full integration of the two firms is expected to take 18 to 36 months to complete. Until then, Schwab and TD Ameritrade will operate as separate businesses.

— Related on ThinkAdvisor:

• Tom Nally, 7 Other TD Ameritrade Execs to Depart
• The Schwab Deal Is Done. Now Comes the Heavy Lifting.
• TD Ameritrade CEO Split With Board Over 'Way Forward,' He Says