TD Ameritrade CEO Tim Hockey resigning

TD Ameritrade Holding Corp. president and CEO Tim Hockey will leave the company by February 2020. Mr. Hockey will continue his role as TD's board of directors conducts a search for his successor. If a successor is named before the February deadline, Mr. Hockey will transition into an advisory role. TD Ameritrade provides custody and brokerage services to more than 7,000 independent registered investment advisers under its TD Ameritrade Institutional division and has roughly $650 billion under custody, according to Bloomberg. It also serves individual investors. "I believe TD Ameritrade is well-positioned to continue as an industry leader and innovator, and until my last day, 100% of my energy will be focused on helping our associates drive our strategy forward," Mr. Hockey said in a statement. "I'm intent on keeping our momentum going, and setting up my successor for long-term success." (More: TD Ameritrade CEO Tim Hockey says his exit is unrelated to M&A)​ TD chairman Joe Moglia thanked Mr. Hockey for his leadership and guiding the integration of Scottrade, which Ameritrade acquired in September 2017. (More: TD Ameritrade has cut more than 1,100 Scottrade jobs) Vice-chair Bharat Masrani added, "TD Ameritrade is an important strategic investment for TD, opening new opportunities for both organizations, and we remain confident in the business and its continued success." (More: Advisers react to Tim Hockey suddenly resigning from TD Ameritrade)​