NEW YORK — The board of directors of E*Trade Financial Corp. have elected Chairman Donald Layton as its new CEO effective immediately, the company announced today.
Jarrett Lilien, who was appointed acting CEO on Nov. 29, 2007, will resume his role as president and chief operating officer and remain a director of E*Trade.
E*Trade has been significantly impacted by losses after the collapse of the subprime mortgage market. The company's market value plummeted 81% during the past 12 months to $2 billion. In January, the online brokerage said it expects to take additional writedowns of $400 million to $600 million this year on its mortgage portfolio. Most of those writedowns are related to losses in its $12 billion home-equity portfolio.
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