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McWhinney Out, Goldman In

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Deborah McWhinney, president of Schwab Institutional (SI) since 2001, resigned her position on May 18, and has been succeeded by Charles Goldman, SI’s COO. As president of Schwab Institutional, Goldman will report to Walt Bettinger, who was named president and COO of Charles Schwab Corp. in February.

Goldman joined Schwab in 2001, and became COO of Schwab Institutional in 2005 at the same time that McWhinney revealed she was battling breast cancer, which is now in remission.

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 had reported directly to Chuck Schwab, highlighting the importance of the RIA channel to Charles Schwab Corp.’s fortunes.