TD Ameritrade CEO to sell 200,000 of his 2.4 million shares of company stock to diversify

TD Ameritrade says its president and chief executive plans to sell up to 200,000 shares of company stock to diversify his personal portfolio.

The company said Thursday that Fred Tomczyk plans to sell the shares between now and Sept. 15.

But Tomczyk will retain a significant stake in the company. The stock sale represents roughly 8 percent of Tomczyk's 2.4 TD Ameritrade shares.

The Omaha-based company said Tomczyk will continue to meet TD Ameritrade's requirement that he hold stock worth at least 10 times his base salary of $1 million.

Tomczyk has been Ameritrade's president and chief executive since the fall of 2008.