Todd Ricketts will leave the board of TD Ameritrade Holding Corp. on Feb. 12, the company said Friday, leaving his brother Pete as the family's designated director until 2016.
The brothers' father, Joe Ricketts, founded Ameritrade, and the family's stock holdings entitle it to designate directors for a period of time.
Under the shareholder agreement between the family and the company, the number of designees drops from two to one at the company's Feb. 12 annual meeting and then zero at the 2016 meeting.
Todd Ricketts is a director of Chicago Baseball Holding, parent company of the Chicago Cubs. Pete Ricketts is running for the Republican nomination for Nebraska governor and heads an asset management company.
Todd Ricketts' seat on the board is to be filled by an independent director, the company said.
The Omaha-based discount brokerage also named Toronto banker Bharat Masrani to its board of directors, succeeding bank executive Kerry Peacock, who stepped down from the board.
Masrani, who was designated by the company's affiliated Toronto-Dominion Bank, is chief operating officer of TD Bank Group and is due to be become its president and CEO on Nov. 1, 2014.