The board of directors for E*Trade Financial Corporation announced that Donald Layton will step down as Chairman and CEO at the end of 2009 when his contract expires.

Layton will retain all of his current responsibilities until his contract ends and will work in partnership with a special committee of the board of directors to oversee a search for his successor. E*Trade expects to name a new CEO before the end of the year.

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Jaclyn Jaeger is a freelance contributor to Compliance Week after working for the company for 15 years. She writes on a wide variety of topics, including ethics and compliance, risk management, legal,...