Penson Worldwide Inc. announced that Chief Financial Officer Kevin McAleer will retire at the end of March, and will be succeeded by TD Ameritrade Holding Corp. executive Michael Chochon.  Chochon has more than 13 years experience as a financial officer in the brokerage industry.  At Ameritrade, he served in roles including managing director of trading and risk. Penson also reported that entities holding more than a majority of Penson's $281 million parent company long-term funded debt agreed to a restructuring support agreement that includes an exchange offer for new debt and equities.  CEO and founder Philip Pendergraft said the debt-exchange plan will eliminate $176 million of debt and $30 million of annual interest expense, as well as increase equity at its parent company, and potentially realize a significant onetime gain. Combined with firm's cost-cutting efforts, Pendergraft said, "our plan is to get Penson to be as close as possible to break even on a cash basis in the second half of 2012."  Following the completion of the debt exchange, Penson would consider a reverse stock split.    [Dow Jones Newswires, 3/13/12]