Deborah McWhinney, president of Schwab Institutional (SI) since 2001, has resigned her position effective immediately, and has been succeeded by Charles Goldman, SI's COO. As president of SI, Goldman will report to Walt Bettinger, who was named president and COO of Charles Schwab Corp. in February.
Goldman was traveling as the news of McWhinney's resignation broke May 21 among Schwab employees and affiliated advisors, and was unavailable for comment. He joined Schwab in 2001, and became COO of Schwab Institutional in 2005.
Bettinger's appointment made him the heir apparent to Schwab chairman and CEO Chuck Schwab, leapfrogging him ahead of other high-ranking Schwab executives like McWhinney. Since the departure in 2004 of Schwab co-CEO David Pottruck and a subsequent "flattening" of Schwab's management structure, as Chuck Schwab called it that year, McWhinney not only talked to Chuck but reported directly to him, highlighting the importance of the RIA channel to Charles Schwab Corp.'s fortunes.
At the same time that Schwab announced McWhinney's resignation, it said that Benjamin Brigeman will succeed Bettinger as head of Schwab Investor Services.