, the high-profile CEO of E*Trade Group
, is on the job market. The firm confirmed today that Mitchell Caplan
, president since April, is taking over Cotsakos' duties as CEO. It is unclear at this point what impact the move will have on E*Trades asset gathering operations.
Caplan, 45, joined the E*Trade in 2000 after it bought Telebank and Telebanc Financial Corp.
E*Trade's board of directors voted to remove Cotsakos from his posts on Wednesday, the New York Post reported. He was informed of the board's vote yesterday, the paper added. Cotsakos joined E*Trade as CEO in 1996 from FedEx.
After building a fund supermarket under Brian Murray
in the late 1990s, E*Trade scaled back those efforts in response to the tech stock wreck in late 2001. Amy Errett
, chief asset gathering officer, left the firm at that time. E*Trade has since focused on building its banking services unit.
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