Charles Schwab said Friday that Peter Crawford, Schwab’s executive vice president of finance, will become the company’s new chief financial officer, succeeding Joseph Martinetto, effective May 16, following Schwab’s annual stockholders’ meeting.

Martinetto, 55, a 20-year Schwab veteran, will continue as senior executive vice president at Schwab, reporting to President and CEO Walt Bettinger and maintaining his oversight of the company’s banking, technology and operations units, real estate and corporate development and strategy teams, as well as community services.

Appointed executive vice president of finance in July 2015, Crawford, 48, leads the company’s treasury and controller functions, as well as planning and enterprise finance. He joined Schwab in 2001 after serving at McKinsey & Co., where he was an engagement manager in the Washington, D.C., San Francisco, Sao Paulo and Hong Kong offices.

While at Schwab, Crawford has been responsibile for a wide range of businesses and product lines, including product management for Schwab Funds, and management of Schwab’s cash products, its core client segment offerings, the company’s fixed income offering, and its third-party investment platforms. He also served as chief of staff to Chairman Charles Schwab.

Martinetto will continue serving on the company’s executive council, as a trustee of the Schwab Family of Mutual Funds and Exchange Traded Funds, and as a member of the boards of Charles Schwab Bank and Charles Schwab & Co, Inc.

Crawford holds a bachelor’s degree from Yale University, where he graduated magna cum laude, and a master of business administration degree from the Stanford Graduate School of Business.

— Check out Schwab, TD Ameritrade Post Strong Q4 Earnings as New Accounts, Assets Soar on ThinkAdvisor.