The Charles Schwab Corporation today announced several executive
transitions as part of the firm’s long-term succession planning
strategy.
Peter Crawford, after a distinguished 22-year career with the
firm, including serving as Chief Financial Officer since 2017, has
decided to retire from Schwab following a planned transition
period. Crawford will be succeeded by Mike Verdeschi who will join
the firm on May 20 as a Managing Director and Deputy Chief
Financial Officer. The firm expects to appoint Verdeschi as Chief
Financial Officer (CFO) following the transition period with
Crawford.
Effective June 28, 2024, Joe Martinetto will transition from his
role as Chief Operating Officer to assume the role of Executive
Chairperson of the Schwab Banks. Martinetto has served the firm,
employees, and clients in multiple roles over the past 25-plus
years, including roles as CFO and Treasurer. Most recently, he has
successfully overseen the integration and conversion of former
Ameritrade clients to Schwab – the largest integration in the
history of the investment brokerage industry. Martinetto’s role
will not be replaced at this time, and his duties will be assumed
by other leaders at the firm.
Also, effective June 28, 2024, Bernie Clark will transition from
Head of Advisor Services to an advisory role to the firm. For more
than 25 years, Clark has served the firm, employees, and clients in
multiple roles, ranging from leading the company’s retail service
centers to serving as the head of Advisor Services for most of the
past 15 years. Upon Clark’s transition, the company expects to name
Jon Beatty, the current Chief Operating Officer of Advisor
Services, to assume the role of Head of Advisor Services and join
the firm’s Executive Council. Concurrently, Schwab expects to name
Tom Bradley as Chief Client Officer for the Advisor Services
business, reporting to Beatty. Bradley is currently a Managing
Director for Advisor Services.
Walt Bettinger, Co-Chairman and Chief Executive Officer said,
“Over the course of a business career as long as mine, I’ve been
blessed with the opportunity to serve with many exceptionally
talented, dedicated people of high character and integrity who have
been my closest colleagues. Without a doubt, Peter Crawford, Joe
Martinetto, and Bernie Clark are three of those people. Peter’s
leadership has been central to Schwab’s evolution as one of the
nation’s largest investment services firms. His deep understanding
of our business and strategy has positioned us for continued,
long-term success, and his willingness to remain with us to ensure
a smooth transition is evidence of his leadership. We are also
fortunate to have a seasoned executive with Mike Verdeschi’s
experience join us to lead our disciplined approach to financial
and balance sheet management as we lay the groundwork for Schwab’s
continued growth and success.”
Mr. Bettinger continued, “Joe Martinetto is a uniquely talented
individual. Anyone who interacts with him quickly realizes his
knowledge of the firm, the markets, finances, and the regulatory
world is unmatched. I’m grateful for the extraordinary work Joe has
done over the past four years overseeing the integration of
Ameritrade with Schwab and thrilled that Joe will continue serving
as Executive Chairperson of the Schwab Banks.”
Mr. Bettinger closed by sharing, “Recently, Bernie Clark came to
me and suggested that with the Ameritrade integration for advisors
complete, and the exceptionally sound footing of the Advisor
Services business at Schwab, it was time to make a transition in
his duties at the firm. His impact on the independent investment
advisor industry is arguably unmatched, leading the industry from
its infancy to become one of the fastest growing segments of the
investment services world. He has also mentored and developed a
strong bench of leaders, including Jon Beatty and Tom Bradley, who
share his passion for the industry and will continue to deliver on
our commitments to the independent investment advisors we serve.
I’m pleased that Bernie will continue to serve in an executive
advisory position offering his wisdom and counsel to me personally,
as well as the entire leadership team.”
Verdeschi will immediately assume responsibility for the
company’s treasury and controller functions, as well as financial
planning and analysis. He was most recently Treasurer of Citigroup,
where he spent over 30 years. During his tenure at Citigroup,
Verdeschi held leadership positions in finance, treasury, and
product with increasing levels of responsibility at the firm,
including previously serving as Treasurer, Chief Investment Officer
and Head of Rates Portfolio Management. He holds a Bachelor of
Business Administration and a Master of Business Administration,
both from Iona University.
Beatty has worked at Schwab for more than 20 years, all in roles
supporting the growth and success of independent investment
advisors. He has served as a member of the Advisor Services
leadership team for more than 10 years and is currently the
business’ Chief Operating Officer. Bradley joined Schwab and the
Advisor Services leadership team shortly after the announcement of
the acquisition of Ameritrade in early 2020. Prior to joining the
company, he served in various independent advisor and retail
leadership roles at Ameritrade.
Forward-Looking Statements
This press release contains forward-looking statements, which
reflect management’s expectations as of the date hereof.
Achievement of these expectations and objectives is subject to
risks and uncertainties that could cause actual results to differ
materially. Important factors that may cause such differences are
described in the company’s most recent reports on Form 10-K and
Form 10-Q, which have been filed with the Securities and Exchange
Commission and are available on the company’s website
(www.aboutschwab.com/financial-reports) and on the Securities and
Exchange Commission’s website (www.sec.gov). The company makes no
commitment to update any forward-looking statements.
About Charles Schwab
The Charles Schwab Corporation (NYSE: SCHW) is a leading
provider of financial services, with 35.4 million active brokerage
accounts, 5.3 million workplace plan participant accounts, 1.9
million banking accounts, and $8.85 trillion in client assets as of
April 30, 2024. 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. Its
broker-dealer subsidiaries, Charles Schwab & Co., Inc., TD
Ameritrade, Inc., and TD Ameritrade Clearing, Inc., (members SIPC,
www.sipc.org), and their affiliates offer a complete range of
investment services and products including an extensive selection
of mutual funds; financial planning and investment advice;
retirement plan and equity compensation plan services; referrals to
independent, fee-based investment advisors; and custodial,
operational and trading support for independent, fee-based
investment advisors through Schwab Advisor Services. Its primary
banking subsidiary, Charles Schwab Bank, SSB (member FDIC and an
Equal Housing Lender), provides banking and lending services and
products. More information is available at www.aboutschwab.com. TD
Ameritrade, Inc. and TD Ameritrade Clearing, Inc. are separate but
affiliated companies and subsidiaries of Ameritrade Holding LLC.
Ameritrade Holding LLC is a wholly owned subsidiary of The Charles
Schwab Corporation.
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MEDIA: Mayura Hooper Charles Schwab Phone:
415-667-1525
INVESTORS/ANALYSTS: Jeff Edwards Charles Schwab Phone:
415-667-1524
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