New President for Charles Schwab

Charles Schwab Corp. announced Feb. 21 that Walt Bettinger, a longtime Schwab executive, has been named president and COO of the company, effective immediately, raising speculation that he will succeed founder, chairman, and current CEO Charles Schwab as CEO. Bettinger, 46, has been since 2005 executive VP and head of Schwab Investor Services, which provides services to individual investors and to corporate clients. In his new position, Bettinger will report directly to the chairman and CEO of the company, Charles Schwab, and will continue to oversee SIS, along with the Schwab Institutional and Schwab Corporate & Retirement Services divisions, and Schwab’s mutual funds, banking, technology, and operations. Bettinger joined Schwab following its 1995 acquisition of the retirement services firm he founded, The Hampton Company. Since then, he has served in leadership positions at Charles Schwab Trust Co., Schwab Retirement Plan Services, Schwab Corporate Services, and Individual Investor Enterprise.

Deborah McWhinney, president of Schwab Institutional, will now report to Bettinger, rather than directly to Charles Schwab himself.