E*Trade Financial has named Rodger Lawson and Rebecca Saeger to its board of directors.

Lewis Randall, the board's longest serving member, will retire, effective immediately after serving nearly 30 years.

Lawson previously served as president and chief executive at Fidelity Investments prior to joining E*Trade. He is credited with leading the financial services and mutual fund company through changing market conditions.

Saeger previously served as executive vice president and chief marketing officer at Charles Schwab from 2004 until 2010.

Changes to the board come after the appointment of chairman, Frank Petrilli, who replaced Steven Freiberg.

New board members will stand for re-election at the next annual shareholders meeting in May. These changes expand the board size to 12.