TD Ameritrade to terminate COO role after Adams' departure

TD Ameritrade Holding Corp. said Tuesday that Chief Operating Officer Marv Adams will resign later this year. Upon his departure, the COO position will be terminated. Adams, who joined the company in 2011, will serve in an advisory capacity for the next several months, reporting to CEO-elect Tim Hockey, before officially leaving the company on Dec. 1. Hockey will officially take the reins of CEO in September. TD Ameritrade said that it has chosen not to replace Adams, and will instead terminate the c-suite role and streamline its organizational structure to "better align with its future strategic goals and objectives." Shares of the company rose 0.6% to $30.09 in premarket trade. They've traded in a narrow range in the past three months but are down 18.5% from 12 months ago. By comparison, the S&P 500 is up more than 3% in the past 12 months.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.