Griffin To Quit E*Trade Board After Citadel Sells Up

Mar 22 2013 | 11:17am ET

Citadel Investment Group founder Kenneth Griffin will leave E*Trade Financial's board in May, two months after selling the hedge fund's stake in the retail brokerage.

Griffin will not stand for reelection to the board and will leave it when his term expires on May 9, E*Trade said in a regulatory filing today.

Citadel sold its 9.6% stake in E*Trade last week. The hedge fund had twice bailed out the troubled company, first investing $2.6 billion in 2007. Griffin joined E*Trade's board in 2009 and pushed for the company to sell itself, to no avail.

E*Trade shares had rallied 32% at the time of Citadel's announced plans to quit the company; since then, they have fallen 10%. All told, Citadel is thought to have earned $800 million on its investment in E*Trade.


In Depth

Q&A: Old Hill's Stone On Private Debt, P2P And Credit Bubbles

Jun 6 2017 | 7:52pm ET

While institutional capital continues to flow into the broader private debt sector...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Steinbrugge: Asia-Focused Hedge Funds Offer Great Opportunities

Jun 23 2017 | 3:33pm ET

Emerging market strategies have outperformed their developed-market peers for five...

 

From the current issue of