Unlock the Editor’s Digest for free
Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.
Charles Schwab’s longtime chief executive Walt Bettinger will retire at the end of the year and be replaced by the company’s president Rick Wurster.
Bettinger took over from the company’s namesake in late 2008 and oversaw its growth following the financial crisis, its acquisition of TD Ameritrade and a period of outflows in the fallout from the US regional banking crisis last year.
The $118bn brokerage, which last year disclosed plans to lay off about 5 per cent of its 33,000-strong workforce, is trying to turn around its fortunes after a difficult period when rising interest rates led to substantial outflows from its banking division.
During Bettinger’s 16 years in charge, client assets increased to $9.7tn from $1.1tn. He will continue to co-chair the board, alongside founder Charles Schwab.
“Walt’s successful tenure as CEO saw the most significant growth in the company’s history in terms of clients, assets, revenue, profits, and market capitalisation,” Schwab said in a statement.
Wurster joined the Texas-based company in 2016 after stints at Wellington Management and McKinsey. He has been president of Charles Schwab since 2019 when it shook up the brokerage world by eliminating trading fees.
Schwab said that Wurster “possesses all the attributes to be a successful CEO, and he has the full confidence and support of myself and the board”.
https://www.ft.com/content/0c7e664c-6f89-4c99-821c-7fd9e9d85319
