The Charles Schwab Corporation Names CEO Walt Bettinger Co-Chairman of its Board of Directors
July 28 2022 - 8:45AM
Business Wire
Bettinger to Share Board Leadership
Responsibilities with Charles R. Schwab in Addition to Chief
Executive Role
The Charles Schwab Corporation today announced its board of
directors has unanimously approved the appointment of Chief
Executive Officer Walter W. Bettinger II as Co-Chairman of the
Schwab Board of Directors, along with Founder and Co-Chairman
Charles R. Schwab. In addition to becoming Co-Chairman for The
Charles Schwab Corporation, Mr. Bettinger will become Co-Chairman
of the boards of the firm’s banking subsidiaries: Charles Schwab
Bank, SSB (CSB); Charles Schwab Premier Bank, SSB (CSPB); and
Charles Schwab Trust Bank (CSTB).
These changes reflect Mr. Schwab’s and the board’s intention to
ensure strategic and leadership continuity for the firm by
following a thoughtful and long-term succession plan. As Chief
Executive Officer (CEO) and Co-Chairman of the Board, Mr. Bettinger
will maintain his current chief executive responsibilities and also
share responsibilities for leadership of the Board with Mr. Schwab.
Mr. Schwab will continue to be actively involved in the firm’s
strategic direction and corporate governance.
“Walt embodies the firm’s belief in service and integrity and is
an excellent steward of the business as both CEO and a member of
the Board,” said Mr. Schwab. “The Board will benefit greatly from
Walt’s expertise and insight being applied in this new capacity.
I’m looking forward to evolving our work together on behalf of our
clients, colleagues, and stockholders.”
Mr. Bettinger has served as CEO of The Charles Schwab
Corporation and a member of the Board of Directors since 2008. He
also held the title of President of the company from 2008 until
2021, when the firm named Rick Wurster to that position. In
addition to the corporate board, he also serves as a member of the
board of directors of Schwab’s banking subsidiaries, and as
Chairman of The Charles Schwab Family of Funds, Schwab Investments,
Schwab Capital Trust, Schwab Annuity Portfolios, Laudus Trust, and
the Schwab Strategic Trust. Prior to his current role, he served as
president and chief operating officer of the company; as President
of Schwab Investor Services; and in a variety of other senior
leadership roles. Mr. Bettinger joined the company in 1995 as part
of its acquisition of The Hampton Company, which he founded in
1983.
Concurrent to the appointments, the Schwab Board approved
amendments to the bylaws of the Company and each of the banking
subsidiaries and to the Corporate Governance Guidelines of the
Company. These amendments are solely to clarify that there may be
more than one named Chairman of the Board. The effectiveness of the
bylaw amendments of CSB and CSPB are subject to the approval of the
Commissioner of the Texas Department of Savings and Mortgage
Lending, and the appointments of Mr. Bettinger as Co-Chairman of
CSB and CSPB are effective upon receipt of approval.
About The Charles Schwab Corporation
The Charles Schwab Corporation (NYSE: SCHW) is a leading
provider of financial services, with 33.9 million active brokerage
accounts, 2.3 million corporate retirement plan participants, 1.7
million banking accounts, and $6.83 trillion in client assets.
Through its operating subsidiaries, the company provides a full
range of wealth management, securities brokerage, banking, asset
management, custody, and financial advisory services to individual
investors and independent investment advisors. Its broker-dealer
subsidiaries, Charles Schwab & Co., Inc., TD Ameritrade, Inc.,
and TD Ameritrade Clearing, Inc., (members SIPC,
https://www.sipc.org), and their affiliates offer a complete range
of investment services and products including an extensive
selection of mutual funds; financial planning and investment
advice; retirement plan and equity compensation plan services;
referrals to independent, fee-based investment advisors; and
custodial, operational and trading support for independent,
fee-based investment advisors through Schwab Advisor Services. Its
primary banking subsidiary, Charles Schwab Bank, SSB (member FDIC
and an Equal Housing Lender), provides banking and lending services
and products. More information is available at
https://www.aboutschwab.com.
TD Ameritrade, Inc. and TD Ameritrade Clearing, Inc. are
separate but affiliated companies and subsidiaries of TD Ameritrade
Holding Corporation. TD Ameritrade Holding Corporation is a wholly
owned subsidiary of The Charles Schwab Corporation. TD Ameritrade
is a trademark jointly owned by TD Ameritrade IP Company, Inc. and
The Toronto-Dominion Bank.
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MEDIA: Kim Hillyer Charles Schwab Phone: 402-574-6523
INVESTORS/ANALYSTS: Jeff Edwards Charles Schwab Phone:
415-667-1524
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