open door business

TD Ameritrade Holding Corp.’s president and chief executive Tim Hockey says he is leaving the online brokerage in February 2020.

Hockey took the helm at the Omaha, Nebraska-based company in 2016, after more than three decades at Toronto-Dominion Bank.

During his tenure at TD Ameritrade, Hockey oversaw the integration of rival Scottrade after that acquisition.

Hockey says he and the board decided it was time for a new CEO to lead the company.

He declined to explain the decision, but he said he is not leaving for another job or to spend more time with family.

Hockey agreed to stay on in order to help with the transition after a search for the new chief executive is conducted.

TD Bank’s chief executive Bharat Masrani, who is also vice-chair of the TD Ameritrade board, said the company remains “confident in the business and its continued success.”

TD Bank Group is the online brokerage’s largest shareholder.

“We also extend our thanks to Tim for his leadership and for the important contributions he has made at TD Ameritrade,” Masrani said in a statement. “We wish him the very best for the future.”

— With files from The Associated Press