December 28, 2010

Chuck Schwab Recuperating Following Heart Surgery

Schwab Corp. chairman had heart valve replacement on Dec. 24

Charles R. Schwab underwent successful heart valve replacement surgery on Dec. 24, the company reported in a prepared statement on Dec. 27. In the announcement, CEO Walt Bettinger said the chairman of Charles Schwab Corp. is “resting comfortably and recuperating well from the surgery,” and that Mr. Schwab is expected to “return home in the next few days.”

Schwab, 73, has served as chairman of Charles Schwab Corp. since 1986. He was CEO of the company, which in addition to its retail and banking operations is the largest custodian to independent RIAs, from 1986 to 1997, and was co-CEO with David Pottruck from 1998 to 2003. Schwab reassumed the chief executive role after the Schwab board “lost confidence” in Pottruck in the summer of 2004 and remained CEO until October 2008, when Bettinger was named CEO.

Bettinger, 49, joined Schwab in 2005 as executive VP and head of Schwab Investor Services, was named president and COO in February 2007 and became CEO of Charles Schwab Corp. in October 2008.

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