New York, NY (PRWEB) March 02, 2012
Press release via Business News Deck.
Company executives assured attendees that TD Ameritrade’s outlook is optimistic during its annual stockholder’s meeting, which was held on February 15. CEO Fred Tomczyk acknowledged that it could take two to three years before the brokerage service company fully recovers from the economic downturn, but that TD Ameritrade is well positioned for eventual rising interest rates and has a strong balance sheet.
Current European debt issues, as well as the slump of the U.S. housing market, have left investors wary and contributed to a decline in trades through TD Ameritrade’s online brokerage. But executives of the Omaha-based company have stated that TD Ameritrade will continue to focus on managing client assets and securing their position for the rise of interest rates.
Despite the current economic climate, TD Ameritrade has broken asset-gathering records for each of the last three years. 2011 profits rose 8% from $592.2 million in 2010, and Tomczyk stated that the company’s stock is outperforming competitors.
The meeting also contained a special ceremony for founder Joe Ricketts, which included the unveiling of a portrait that will hang in the company’s new headquarters in Old Mill. Ricketts left the board in September of 2011 to pursue entrepreneurial ventures such as the American Film Company, New York City local news provider DNAInfo, and bison meat distributor Golden Bison. Under Ricketts’ leadership, the company became one of the first to give traders the option of conducting transactions through touch tone phones, and one of the first brokerage companies to venture into trading online. TD Ameritrade remains closely connected with the Ricketts name through sons Todd and Pete Ricketts, who serve on the board. The Ricketts family also owns about 15% of TD Ameritrade’s stock
Stockholders approved three proposals at the February 15th meeting:
1. The election of W. Edmund Clark, Karen E. Maidment, Mark L. Mitchell, and Fredric J. Tomczyk as directors.
2. Endorsement of the compensation of the company’s executive officers.
3. Official approval of the appointment of Ernst & Young, LLP as TD Ameritrade’s independent registered public accounting firm for the current fiscal year.
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