(Bloomberg) — Charles Schwab Corp. Chief Government Officer Walt Bettinger will step down on the finish of this 12 months, handing the position to President Rick Wurster after the agency stated three months in the past that it’s going to revamp its financial institution unit.
Bettinger, who turns 65 subsequent 12 months, has led Schwab since 2008, the corporate stated in an announcement Tuesday. The agency stated in Could it will change its chief monetary officer.
“The time is correct for me to transition from day-to-day duties and give attention to my position as government co-chairman of the Schwab board of administrators,” Bettinger stated within the assertion, including that he had “full confidence” in Wurster’s management.
Schwab advised buyers in July that it’s contemplating methods to rely much less closely by itself stability sheet after being swept up in final 12 months’s regional banking turmoil, which noticed the corporate’s paper losses mount as its bond investments plummeted.
