Online financial services provider E-Trade responded to pressure from stake holder Citadel Friday, days after the hedge fund sent a letter to the brokerage service demanding a review of strategies, including discussing a sale of the company. Citadel requested a vote on a number of its proposals, such as declassifying the Board so that all members are elected annually, the removal of two independent directors and hiring an adviser to review strategic alternatives such as a sale.
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Citadel's Squeeze Makes E-Trade Squeak
Posted by: Rachelle Dragani July 25, 2011 10:42 AMOnline financial services provider E-Trade responded to pressure from stake holder Citadel Friday, days after the hedge fund sent a letter to the brokerage service demanding a review of strategies, including discussing a sale of the company. Citadel requested a vote on a number of its proposals, such as declassifying the Board so that all members are elected annually, the removal of two independent directors and hiring an adviser to review strategic alternatives such as a sale.