TD Waterhouse Exec Backs Out of E-Trade Job

Internet brokerage executive Frank Petrilli, who nine days ago said he would join E-Trade Group Inc., said he will instead return to TD Waterhouse Group Inc. Petrilli, 48, told Reuters: “A confluence of things on a personal level and a family level caused me to rethink my decision before officially starting at E-Trade. This has nothing to do with the E-Trade organization or the people at all.” Petrilli said he will resume his duties as president and chief operating officer of TD Waterhouse, which is based in New York. That company is the world’s No. 2 discount brokerage and the nation’s No. 3 Web broker. He said his prospects for career growth appear brighter at TD Waterhouse, but he denied that the company had promised him the top slot of chief executive. He also denied that a bigger pay package swayed his decision, although he did say that he was coming back “in a better situation” than when he left. Menlo Park, Calif.-based E-Trade, the No. 2 U.S. Internet brokerage, said it will renew its search for a president of its securities unit immediately.