PR Newswire, Wednesday, May 27, 1998 at 07:43
Leonard C. Purkis to Join E*Trade as Executive Vice President and
Chief Financial Officer
PALO ALTO, Calif., May 27 /PRNewswire/ -- E*TRADE Group, Inc.
(NASDAQ:EGRP), a leading branded, popular destination Web site for online
investing services, announced today that Stephen C. Richards has been named
Senior Vice President Corporate Development and New Ventures. Richards
currently serves as E*TRADE's Chief Financial Officer.
"With the fast pace of our growth in the U.S. and the new demands of
building a premier global destination site for online investing, Steve's
in-depth knowledge and experience with our financial model and operating
infrastructure will be integral to expanding our business through our new
ventures group. The focus of the new ventures group will be on strategic
alliances, partnerships, mergers and acquisitions," said President and Chief
Executive Officer Christos M. Cotsakos.
"I am excited about this next opportunity to focus all of our team's
attention in the areas of corporate development and new ventures," said
Richards. "It has been a personally rewarding experience to build a strong
balance sheet and solid financial architecture to help position E*TRADE as one
of the premier Internet brands for the 21st century."
"Steve co-led the search with me to recruit a world class financial
executive whose global business savvy would significantly contribute to the
overall performance of the executive team," said Cotsakos. "I am proud to
also announce today that Leonard C. Purkis has been named Chief Financial
Officer and Executive Vice President for Finance and Administration."
Mr. Purkis joins E*TRADE from Iomega Corporation where, since 1995, he
served as Chief Financial Officer. During this time he built a solid
financial foundation through periods of explosive growth with company sales
rocketing from $140 million to $1.7 billion in only three years. Prior to
joining Iomega, he served in a variety of senior level domestic and
international finance positions for the General Electric Co. and its
subsidiaries culminating his career there as Senior Vice President, Finance
for GE Capital Fleet Services. A native of Cardiff, Wales, he is a graduate
of the Institute of Chartered Accountants in England and Wales and began his
career as an audit manager at Coopers & Lybrand.
"As we continue to expand and build a truly global enterprise," said
Cotsakos, "Len's international experience will be instrumental in helping
build a strong and nimble financial organization during the next several years
in our industry. Len's outstanding leadership qualities will enable us to
continue to fortify our financial architecture and position us for ongoing
success."
"I am looking forward to joining this dynamic company that is reinventing
the securities industry through innovative technology. E*TRADE is a company
that moves quickly and aggressively, and is well on its way to building the
first global online investing network through the web," said Purkis. "I feel
very excited and privileged to be part of this leadership team at this period
in their growth cycle."
"With the one-two combination of Len and Steve, we are firmly grounded in
the area of financial expertise and ready to reposition E*TRADE as the next
generation online investing portal in global electronic commerce," concluded
Cotsakos. Both appointments will take effect as of June 8, 1998.
About E*TRADE
A leading branded provider of online investing services, E*TRADE has
established a popular destination Web Site for self-directed investors. The
Company offers independent investors the convenience and control of automated
stock, options and mutual funds order placement at low commission rates, along
with a suite of value-added products and services that can be personalized,
including portfolio tracking, Java-based charting and quote applications,
real-time market commentary and analysis, news, and other information
services.
Customers can access E*TRADE at etrade.com on the Internet as
well as through WebTV; via Prodigy; via AT&T Worldnet; via Microsoft Investor;
by GO ETRADE on CompuServe; with the keyword ETRADE on America Online; via
personal digital assistant; and via the TELE*MASTER interactive telephone
system. E*TRADE Securities, Inc., and its parent company, E*TRADE Group,
Inc., are headquartered in Palo Alto, California.
E*TRADE is a registered trademark of the Company. TELE*MASTER is a
trademark of E*TRADE Securities, Inc. All other trademarks are properties of
their respective owners. The statements contained in this news release that
are forward looking are based on current expectations that are subject to a
number of uncertainties and risks, and actual results may differ materially.
The uncertainties and risks include but are not limited to, changes in market
activity, the development of new product and services, the enhancement of
existing products and services, competitive pressures, system failures,
economic conditions, and the introduction of competing products having
technological and/or other advantages. Further information about these
matters can be found in the information included in the annual report filed by
the Company with the SEC on Form 10-K and quarterly reports on Form 10-Q.
SOURCE E*TRADE Group, Inc.
-0- 05/27/98
/CONTACT: Kim Shepherd, kshepherd@dgi-chicago.com or Tim Ryan,
tryan@dgi-chicago.com, both of The Dilenschneider Group, 312-553-0700, for
E*TRADE/
/Web site: etrade.com |
