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Strategies & Market Trends : Can you beat 50% per month? -- Ignore unavailable to you. Want to Upgrade?

To: Smiling Bob who wrote (4947)	1/24/2003 4:26:29 PM
From: Smiling Bob	Respond to of 19256

ET CEO going home? Should be going to jail instead They stole $$ coming and going every chance they had Message 18271443 ------ E-Trade CEO Cotsakos Resigns From Co. Fri Jan 24, 9:41 AM ET Add Technology - AP to My Yahoo! MENLO PARK, Calif. - Christos M. Cotsakos has resigned as chairman, CEO and director of E-Trade, effective immediately. His departure comes days after the online brokerage company issued a gloomy 2003 forecast and follows sharp criticism of Cotsakos' compensation. Mitchell H. Caplan was selected by the board of directors to replace Cotsakos as CEO, the company said Friday. Caplan, 45, also was elected a director of E-Trade Group Inc. and will continue as president of the online brokerage. The company gave no reason for Cotsakos' stepping down. In a statement issued by E-Trade, Cotsakos said, "I am extremely proud of what we have accomplished over the past seven years and it is with great confidence that I hand the success and momentum to Mitch Caplan to further build on the core strengths of E-Trade." Last May, Cotsakos agreed to relinquish his salary for the next two years and surrender other rich benefits in an effort to quell outrage over a compensation package that made him the brokerage industry's top-paid executive. Cotsakos, E-Trade's chief executive since 1996, agreed to a more modest contract 10 days after the Menlo Park-based company disclosed that it gave him a 2001 pay package valued at about $80 million. Shares of E-Trade fell 5 cents to $4.44 in early trading Friday on the New York Stock Exchange (news - web sites). On Wednesday, E-Trade Group Inc. posted a sharply higher fourth-quarter profit while warning that with little or no growth on the horizon, it will miss Wall Street's 2003 profit targets. The online financial services company registered net income for the quarter of $30.4 million, or 8 cents per share, a 41 percent increase from earnings of $21.6 million, or 6 cents per share, in the prior year. Fourth-quarter revenue totaled $349.3 million, a 1 percent increase from $345.4 million in the previous year. story.news.yahoo.com