As has been confirmed by the company, the board of E*Trade Financial Corp. has picked Robert Druskin, the bank and online broker's major independent director, to assume responsibilities as the group's Chairman and Interim Chief Executive. Mr. Druskin will be replacing the retiring Don Layton.

In September, it was announced that Mr. Layton would be stepping down as soon as his current contract comes to a close, after 2 years of leading E*Trade through its major mortgage woes. He had taken his position on the company's board in late 2007, and had soon agreed to become the CEO till the end of the current year.

As shared by the board, it has managed to make "meaningful progress" in its search for a CEO and Mr. Layton would continue to serve as a consultant to ensure the ease of the transition.

Since February 2008, Mr. Druskin has been a part of E*Trade's board, and has effectively served on its finance and risk oversight and nominating and governance committees. He was formerly the Chief Operating Officer of Citigroup Inc.

"Despite the difficult economic environment, the company's number of brokerage accounts is at an all-time high, with record year-to-date trading volumes; and the balance sheet is significantly stronger as a result of the company's recapitalization", Mr. Druskin said.