E*Trade to replace its chairman and CEO by the end of 2009

Donald Layton, a Chairman and Chief Executive of E*Trade Financial, will step down by the end of the year, according to the official statement of the online brokerage firm. The company also said that it hopes to name a successor before that time. 

The company said Layton will have delivered on his commitment to restructure E*Trade. But his 18-month tenure as CEO has been marked by a crisis in E*Trade's mortgage business, and the company has reported eight straight quarterly losses.

The company says that Layton will keep his responsibilities till the end of the current year.