Schwab names an insider Rick Wurster will take over as CEO after serving as the company’s president since 2021.
Walt Bettinger has been running Charles Schwab Corp.’s brokerage and wealth management business since 2008, and the company announced on Tuesday that he will step down as CEO on December 31.
The business appointed seasoned executive Rick Wurster to take Bettinger’s place.
Wurster has been president of Schwab since 2021.
For the past eight years, Bettinger said he has worked closely with Wurster to ensure a “smooth” management transfer.
Premarket trade saw a 0.3% increase in Schwab’s shares.
During the 2008 financial crisis, Wurster assumed leadership of the business and increased Schwab’s customer assets from $1.14 trillion to $9.74 trillion.
Additionally, he has witnessed a period of consolidation in the online brokerage market, which culminated in 2020 with Morgan Stanley’s MS 0.12% $13 billion acquisition of E-Trade and Schwab’s $26 billion acquisition of TD Ameritrade
In addition, Bettinger oversaw an expansion of Schwab’s wealth management division, which presently makes up less than half of the company’s total revenue. read more…