Charles Schwab, which reported better than expected earnings last week, is making some changes at the top.
Terri Kallsen, who has led its retail brokerage operations since 2014, is leaving along with Andy Gill, the firm’s chief marketing officer. Jonathan Craig, a senior executive vice president in charge of retail and retirement plan businesses and the former boss of both executives, assumes their former responsibilities, but will no longer be the executive that Bernie Clark, head of Schwab Advisor Services, reports to.
Clark will now report directly to Schwab President and CEO Walter Bettinger, along with Jonathan Craig.
Glen Mathison, a Schwab spokesman, confirmed the changes, first reported by RIABiz, and said they take effect this week. He declined to explain the purpose of the restructuring other than to say that “this kind of organizational change happens from time to time.”