Michael had served as E*TRADE's President before he left the company in 2013. Why the Shakeup? E*TRADE announced the leadership change with a view to better align the company for growth. The company announced the completion of OptionsHouse transaction for a cash consideration of $725 million. The agreement was entered in Jul 2016. The Executive Chairman of E*TRADE said, "With the OptionsHouse transaction drawn to a close, we have a significant opportunity to reconfigure the Company's leadership to better focus on growing the business both organically and inorganically."