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Retiring TD Ameritrade CEO to sell some company shares

OMAHA, Neb. (AP) — TD Ameritrade's CEO plans to sell up to 100,000 company shares as he prepares to retire later this year, but the sales represent a small part of his 2.1 million shares in the online brokerage.

Fred Tomczyk said Wednesday the shares are being sold to improve liquidity in his portfolio.

The shares being sold represent less than 5 percent of Tomczyk's TD Ameritrade stock. They will be sold between Thursday and June 15.

Tomczyk is planning to retire this fall at the end of TD Ameritrade's fiscal year. He has led the company since 2008.

TD Ameritrade President Tim Hockey will succeed Tomczyk as the company's chief executive this fall. Hockey, 52, was a longtime executive at Ameritrade's biggest shareholder, TD Bank.

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