The Charles Schwab Corporation announce the appointment of Chief Executive Officer Walter W. Bettinger II as Co-Chairman of the Schwab Board of Directors, alongside Founder and Co-Chairman Charles R. Schwab.
Mr. Bettinger will also take on the roles of Co-Chairman of the boards of the banking subsidiaries of the company, including Charles Schwab Trust Bank, Charles Schwab Bank, SSB (CSB), and Charles Schwab Premier Bank, SSB (CSPB) (CSTB).
By adhering to a well-thought-out and long-term succession plan, Mr. Schwab and the board intend for these adjustments to reflect their aim to ensure strategic and leadership continuity for the company.
Mr. Bettinger will continue to serve as the company’s chief executive officer (CEO) and co-chairman of the board, sharing that role with Mr. Schwab. He will also maintain his current responsibilities as CEO.
Mr. Schwab will continue to play a significant role in the company’s corporate governance and strategic planning.
Since 2008, Mr. Bettinger has been The Charles Schwab Corporation’s CEO and a member of the board of directors. From 2008 until 2021, he also served as the business’s President until Rick Wurster was appointed to that post by the organisation. He is chairman of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Laudus Trust, and the Schwab Strategic Trust in addition to serving on the corporate board and the boards of directors of Schwab’s banking affiliates.
Prior to taking on his present position, he held a number of senior leadership positions, including president and chief operating officer of the business, president of Schwab Investor Services, and others.
As part of its 1995 acquisition of The Hampton Company, which he created in 1983, Mr. Bettinger joined the business.
Along with the nominations, the Schwab Board also approved changes to the corporate governance guidelines of the company, the bylaws of the company and each of its banking subsidiaries.
These changes only serve to make it clear that the Chairman of the Board may be named in more than one capacity.
The appointment of Mr. Bettinger as Co-Chairman of CSB and CSPB is effective upon receipt of approval, and the effectiveness of the bylaw changes of CSB and CSPB is subject to the approval of the Commissioner of the Texas Department of Savings and Mortgage Lending.
