Joe Moglia has traded in the boardroom for the sidelines. On Tuesday Coastal Carolina announced the hiring of Moglia, the 62-year-old ex-CEO of TD Ameritrade, as the football team’s new head coach.
After 17 years working at Merrill Lynch, Joe Moglia served as Ameritrade’s CEO from ’01 to ’08. Now the Chanticleers have given Moglia his first shot as a head coach. Moglia replaces David Bennett, the only coach Coastal Carolina has ever known in its 9 years of NCAA football. According to reports, CCU President David DeCenzo pointed to the team’s recent decline as the main driving force behind Moglia’s hiring. We think former coach Bennett’s rant earlier this season may have had a role in his firing.
Moglia is not without football experience, however. In 1983 the billionaire multi-hyphenate previously coach at Dartmouth as defensive coordinator before taking his talents to Wall Street. His love of the sport has never wavered. Following his departure from Ameritrade’s top spot, Moglia managed the UFL’s Omaha Nighthawks as president and head coach.
Said Moglia of his reputation, “I think most people know now I’m a football coach going back to football. I think that’s what they believe.”
Hunter Yurachek, CCU’s athletic director, has a response to all those who might doubt Moglia’s intentions.
“Joe will tell you at this point in his life, he could be doing anything. But he wants to fulfill his life’s passion to be a college football head coach. He will also tell you he’s not going to pursue an endeavor which he cannot be a success at, and history has proved this to indeed be the case.”
What’s certain is that Moglia did not accept the coaching gig for monetary reasons. Signed to a five year contract with an annual salary of 175k, Moglia is taking a pay cut from his days of Fortune 500 glory. Forbes lists his 2009 earnings at 9.9 million. Seems pretty clear that Moglia is only interested in the TD that gives you seven points.
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