Joseph M. Velli Joins E*TRADE FINANCIAL Corp. Board of Directors
E*TRADE FINANCIAL Corporation (NASDAQ:ETFC) today announced that Joseph M. Velli, Chairman and Chief Executive Officer of BNY ConvergEx Group, LLC (”ConvergEx”), has joined the Board of Directors of E*TRADE FINANCIAL Corporation and the Board of Directors of E*TRADE Bank. His appointment fills the open Board seats formerly held by Donald H. Layton who retired at the end of 2009.
“Joe is a highly respected financial services executive with a rare mix of consumer banking, global securities processing, sales and marketing, and electronic trading expertise,” said Robert Druskin, Chairman and interim Chief Executive Officer, E*TRADE FINANCIAL Corporation. “E*TRADE is fortunate to have Joe’s experience and guidance as we embark on our next phase of growth.”
ConvergEx, a leading financial technology company, was formed in October 2006 through the combination of Eze Castle Software, a highly regarded provider of investment technologies, and The Bank of New York Mellon’s institutional brokerage business.
Mr. Velli has held a variety of financial leadership positions during his career, including serving as Senior Executive Vice President of The Bank of New York and Chief Executive Officer of BNY Securities Group. During his tenure with the Bank, Mr. Velli’s responsibilities also included heading Global Issuer Services, Global Custody and related Investor Services, Consumer Banking and Global Marketing and Sales.
In 1984, Mr. Velli joined The Bank of New York, where he established and led the Bank’s Depositary Receipt business. At The Bank of New York he also served as Sector Head of Global Issuer Services, as well as Senior Executive Vice President, responsible for Consumer Banking. In 1997, Mr. Velli established the Bank’s institutional brokerage business and in 2001 he was named head of the Brokerage and Clearing Sector, a newly formed unit that combined the Bank’s trade execution and clearing businesses (later branded as BNY Securities Group). Under Mr. Velli’s leadership, Pershing LLC, the world’s largest correspondent clearing firm was acquired in 2003 and became part of BNY Securities Group.
Prior to joining The Bank of New York, Mr. Velli was head of Citibank’s Depositary Receipt business.
Mr. Velli holds an M.B.A. in Finance from Fairleigh Dickinson University and a B.A. in accounting from William Paterson University of New Jersey. He currently serves on the board of Paychex, Inc.
Mr. Velli’s election to the E*TRADE Board of Directors is effective today. Mr. Velli is appointed as a Class I director. While his Class will stand for re-election in 2011, Mr. Velli will also stand for re-election at E*TRADE’s annual stockholders meeting in 2010.