E-Trade names new CEO

Electronic brokerage and financial services firm E-Trade has appointed Donald Layton as its chief executive officer.

Layton was previously chairman of E-Trade's board, a position he had been elected to in November 2007.

He replaces Jarrett Lilien, who was acting CEO and who now reverts back to his previous role as president and chief operating officer.

E-Trade’s management shake-up follows the firm’s announcement in January that it made a net loss of $1.4 billion in 2007, and suffered asset losses

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