Charles Schwab Implementing Significant Changes to it's Company Leadership

Following the integration of TD Ameritrade, Charles Schwab is implementing significant changes to its executive team, impacting key figures in the company’s leadership.

Peter Crawford, Schwab’s long-standing CFO, plans to retire, with former Citigroup executive Mike Verdeschi slated to succeed him after a transition period. Joe Martinetto, currently the COO, will transition to executive chairman of Schwab Banks on June 28, with his COO responsibilities being distributed among other leaders instead of appointing a direct successor.

Bernie Clark, who leads Schwab Advisor Services, will also shift to an advisory role on June 28, with Jon Beatty, the current COO of Advisor Services, stepping up to take his place. These moves represent some of the most substantial leadership changes at Schwab in recent years, following the company’s significant expansion through the acquisition of TD Ameritrade.

CEO Walt Bettinger expressed his gratitude for the contributions of Crawford, Martinetto, and Clark, emphasizing their exceptional talent, dedication, and integrity. "Over the course of my career, I've been fortunate to work with many outstanding individuals, and Peter, Joe, and Bernie are undoubtedly among them," Bettinger said.

Schwab’s shares closed up 2% at $78.68 following the announcement.

Crawford, who has been with Schwab for 22 years and served as CFO since 2017, will be succeeded by Verdeschi, who will join the company on May 20 as managing director and deputy CFO before officially taking on the CFO role. Martinetto’s 25-year tenure at Schwab includes roles as CFO and treasurer, and most recently, overseeing the integration of TD Ameritrade clients into Schwab’s platform—a historic move in the brokerage industry. Last weekend, Schwab completed the transfer of the final group of TD Ameritrade clients, encompassing $350 billion in assets and 1.8 million accounts.

Clark has been with Schwab for 25 years, leading Advisor Services since 2010. Under his leadership, the division has seen significant growth, particularly in serving registered investment advisors (RIAs). Schwab’s acquisition of TD Ameritrade has further solidified its dominance in the RIA custody market. In a message to clients, Clark reflected on the evolution of the business segment, noting its growth from $650 billion in assets to over $4 trillion during his tenure, underscoring the success of independent advisors as integral to Schwab’s success.

Bettinger credited Clark with building a strong leadership team within Advisor Services, facilitating a smooth transition. “Bernie suggested that with the completion of the Ameritrade integration and the robust state of our Advisor Services business, it was an appropriate time to transition his duties,” Bettinger stated.

Beatty, who will succeed Clark, has been with Schwab for over 20 years and part of the Advisor Services leadership team for more than a decade. Concurrently, Managing Director Tom Bradley is expected to be named chief client officer for Advisor Services, reporting to Beatty. Beatty’s experience includes his tenure at TD Ameritrade, where he served as president of retail distribution from 2012 to 2017 before joining Schwab.

These leadership changes reflect Schwab’s ongoing evolution and commitment to maintaining its strong position in the financial services industry, particularly in serving the RIA community with excellence and innovation.


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