Coastal Carolina University announced today that Joe Moglia, 62, former CEO and current Chairman of Wall Street firm TD Ameritrade, will be its new head football coach.

To call the announcement shocking is an understatement. Moglia, whose net worth is reportedly $1.2 billion, according to Forbes Magazine, is certainly the first billionaire to head up a Division I-AA college football program. Mark that as a first for CCU.

The announcement ends a three year quest during which Moglia left the financial services industry and returned to coaching football after a 25 year career on Wall Street. However, it is the quest and the number of years out of coaching that raises eyebrows.