After 16 years with TD Ameritrade, executive vice president and chief financial officer Bill Gerber announced Tuesday that he would retire at the end of fiscal 2015.
According to a filing with the Securities and Exchange Commission, Gerber will receive $2.5 million in cash paid over four years following his retirement. He also agreed to accelerated vesting of his unvested stock, which has a market value of about $2.6 million.
Gerber started with TF Ameritrade in 1999 as director of finance and was promoted to CFO in 2006. After steering the company through the financial crisis, he oversaw the business growth and mergers and acquisitions that helped TD Ameritrade amass more than $650 billion assets under management. TD Ameritrade also moved from a non-investment grade to a single A credit rating during Gerber’s tenure.
In the “Brokers, Asset Managers and Exchanges” category of Institutional Investor Magazine’s “All America Executive Team,” Gerber was named one of the top three CFO’s for the past three years in a row.
“I am proud of the shareholder value that we have created, the strategic acquisitions we have made and the sound financial footing of the firm,” Gerber said in a statement.
Gerber will continue to serve as TD Ameritrade’s CFO through September 30, when the firm closes its fiscal year.
The announcement was made after markets closed on Tuesday. Shares of TD Ameritrade (NYSE: AMTD) were trading down 2.65 percent as of press time.