Newspaper article THE JOURNAL RECORD

Ameritrade Picks Merrill Lynch Exec as Its New Chief Executive Officer

Newspaper article THE JOURNAL RECORD

Ameritrade Picks Merrill Lynch Exec as Its New Chief Executive Officer

Article excerpt

OMAHA, Neb. (AP) -- Internet broker Ameritrade Holding Corp. on Monday named a new chief executive, pulled from the ranks of a more traditional financial services company.

Joseph Moglia, a senior vice president at Merrill Lynch, will join Ameritrade later this month.

"I would never have left had I not been so impressed with the opportunities at Ameritrade," said Moglia, who has been with Merrill Lynch for 17 years. Most recently, Moglia headed the investment and product group for Merrill Lynch's small investors.

Propelled by investments in technology and rates as low as $8 a trade, Ameritrade has become one of the top 10 online brokerages in the country.

It has struggled in recent months in the midst of a market downturn. It laid off 300 temporary and full-time workers in January and its stock price has dropped from a high of $25.17 in March 2000 to the $8 range.

On Monday, Ameritrade fell 59.4 cents, or nearly 7 percent, to close at $8.34 a share on the New York Stock Exchange. …

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