E*TRADE (NASDAQ:ETFC) said Friday that its chief financial officer, Bruce P. Nolop, will retire at the end of the year, prompting the company to promote Matthew J. Audette, currently the online trader’s corporate controller.
Audette’s new position as financial head will become effective Jan. 1, where he will oversee E*TRADE’s finance and accounting functions, including financial reporting, planning, tax, corporate-related treasury functions, investor relations, and corporate communications.
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He will also join the executive management team, where he will work across the organization in an effort to strengthen financial processes.
Audette, who joined the New York-based company in 2000, has served as corporate controller since 2005. Earlier, he held positions of increasing responsibility, including controller of both the capital markets group and E*TRADE Bank, as well as CFO of the bank.
“We are pleased that the depth of our management team provides for a smooth CFO transition,” said CEO Steven Freiberg, who noted that Nolop will stay on board to assist the transition in an executive advisory capacity through the first quarter of 2011.
Nolop, CFO since September 2008, oversaw the company’s 2009 recapitalization, which raised $733 million in equity through public offerings, helping to exchange some $1.7 billion of interest bearing debt.