TD Ameritrade (NYSE:AMTD) has appointed Tim Hockey as its newest President and Chief Executive Officer (CEO), according to a TD Ameritrade statement.

Mr. Hockey steps into his new role following the decision by Fred Tomczyk, the group’s President and CEO to retire at the end of the 2016 fiscal year, concluding September 30, 2016. His new appointment will be tendered with effect on January 2, 2016, whereby he will also be joining the group’s board of directors – only upon Mr. Tomczyk’s retirement will he ascend to his CEO role however.

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At the present, Mr. Hockey has helped steer TD’s business, namely across its personal and business banking and auto finance sectors – he has also garnered experience in the bank’s asset management division.

In his new role as President of TD Ameritrade, Mr. Hockey will be tasked with overseeing the group’s retail, institutional and trading channels. This suite of responsibilities will be further bolstered by additional functions, such as finance, human resources, legal and risk management.

According to Mr. Hockey in a recent statement on the appointment, “Thanks to a close partnership between TD Bank and TD Ameritrade that has grown and evolved over nearly ten years, I have been able to observe the company, its culture and its operations.”

“TD Ameritrade has a 40-year legacy of innovation and commitment to its clients, and a strong, vibrant culture that has helped it develop a significant leadership position in a competitive industry. I could not be more excited to join the organization and look forward to doing my part to help build upon that legacy,” he noted.

“Most recently, Tim had responsibility for strategy and operations of a portfolio of global businesses in financial services totaling almost CDN $13B in annual revenues. Over a career spanning more than 30 years, he has held senior positions in a variety of areas, including wealth management and information technology, and has a track record of developing organizations with a strong client focus. After a rigorous process the board was unanimous in selecting Tim as the right person to lead TD Ameritrade going forward and continue our strong momentum,” reiterated TD Ameritrade Chairman Joe Moglia in an accompanying statement.