ETrade Put Its Top Lawyer in Charge

The online brokerage ETrade Financial Corp. has elevated its general counsel Karl A. Roessner to chief executive, as part of a larger restructuring of its executive management team.

His salary will be $850,000. Other compensation includes annual cash and equity bonuses exceeding $2.3 million and a one-time grant of restricted stock units worth $1 million, according toan 8-K the company filed with the Securities and Exchange Commission.

“While the ETrade Board applauds the foundational enhancements and significant regulatory progress made by the company over the past three years, our core brokerage growth has come under pressure,” said Rodger Lawson, the company’s executive ...