Westlake-based Charles Schwab Corporation announced today its board of directors has unanimously approved the appointment of Chief Executive Officer Walter W. Bettinger II as co-chairman of the board. Bettinger will serve as co-chairman with company founder Charles R. Schwab.
Bettinger also will serve as co-chairman of the boards of the firm’s banking subsidiaries: Charles Schwab Bank, Charles Schwab Premier Bank and Charles Schwab Trust Bank.
The appointment reflects the company’s intention to ensure strategic and leadership continuity by following a thoughtful, long-term succession plan, the company said in a news release. Bettinger will retain his current responsibilities as CEO while also sharing responsibilities for leadership of the board with co-chairman Schwab. Schwab will continue to be actively involved in the firm’s strategic direction and corporate governance, the release said.
“Walt embodies the firm’s belief in service and integrity and is an excellent steward of the business as both CEO and a member of the board,” Schwab said. “The board will benefit greatly from Walt’s expertise and insight being applied in this new capacity. I’m looking forward to evolving our work together on behalf of our clients, colleagues, and stockholders.”
Bettinger has served as CEO of the Charles Schwab Corporation and a member of the board of directors since 2008. He held the title of president of the company from 2008 until 2021, when the firm named Rick Wurster to that position. Bettinger joined the company in 1995 as part of Schwab’s acquisition of The Hampton Company, which he founded in 1983.
The Charles Schwab Corporation (NYSE: SCHW) is a leading provider of financial services, with 33.9 million active brokerage accounts, 2.3 million corporate retirement plan participants, 1.7 million banking accounts, and $6.83 trillion in client assets. Through its operating subsidiaries, the company provides a full range of wealth management, securities brokerage, banking, asset management, custody, and financial advisory services to individual investors and independent investment advisors.