TD Ameritrade Holding Corp.'s founder, Joe Ricketts, will retire from the board next month after being with the company for more than 35 years.
"The time is right for me to focus on new adventures," said Ricketts in a press release. "The company's current management has demonstrated wonderful ability.... I believe the company is well positioned to continue delivering a world class client experience while building value for shareholders."
Ricketts founded First Omaha Securities on May 1, 1975, the day the Securities and Exchange Commission banned the practice of fixed brokerage commissions. He served as chief executive from 1981 until 2001 and was chairman from 1997 until October 2008.
Todd Ricketts, who currently serves as a director of the Chicago Cubs, will assume the seat vacated by his father.
The online brokerage said in July its fiscal third-quarter profit fell 12%, as trading volumes slumped amid a weak economy.
Shares rose 2.4% to $15.25 premarket. The stock has fallen 5.2% over the past year through Thursday's $14.90 closed.
Melodie Warner is a reporter for Dow Jones Newswires, where this story originally appeared. Write to her at email@example.com