E*Trade's White Knight

E*Trade Financial found its white knight after all. On Wednesday, the online brokerage announced that it will get a $2.6 billion cash infusion from an investment group led by hedge fund Citadel.

Shares of E*Trade soared 19.5%, or $1.03, to $6.30 in premarket trading.

But its not quite a fairy tale ending for E*Trade's management. Chief Executive Officer Mitchell Caplan will step down immediately. The current chief operating officer, R. Jarrett Lilien, will serve as the acting CEO, until the company finds a replacement. Meanwhile, Board Chairman George Hayter will step down as chair but remain on the board.

Read Full Article from Forbes

- Posted: 2007-11-29 09:42:17

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