Charles Schwab CEO Walt Bettinger will step down at the end of this year and hand over the job to President Rick Wolster after the company announced three months ago that it would revamp its banking division. .
Bettinger, who turns 65 next year, has led Schwab since 2008, the company announced in a statement Tuesday. The company announced in May that it would replace its chief financial officer (CFO).
Bettinger was the leader responsible for moving the company’s headquarters from San Francisco to Westlake after acquiring rival TD Ameritrade in 2021.
“The time is right to transition from day-to-day operations and focus on my role as executive co-chair of the Schwab board,” Bettinger said in a statement, adding he has “full confidence” in Wurster. he added. leadership.
Mr. Schwab told investors in July that he was looking at ways to reduce its reliance on its own balance sheet in the wake of last year’s regional bank turmoil, when a sharp decline in bond investments increased the company’s paper losses. He said last year was the most difficult year in decades and is prioritizing paying down even higher debts.
Mr. Bettinger will continue to serve as co-executive director of Schwab’s board of directors. Charles “Chuck” Schwab, the company’s namesake, is another co-chairman. He founded the company in 1971.
Outgoing CFO Peter Crawford will assist his successor, Mike Verdeschi, during the transition period. In addition to internal challenges, Schwab is also grappling with an increasingly competitive retail brokerage industry, with established rivals such as Interactive Brokers Group Inc. and upstarts such as Robinhood Markets Inc.
– Bloomberg’s Paige Smith