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Ex stock brokeman
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Date Posted: 18:18:55 01/31/03 Fri
Breaking News
Charles Schwab to Step Down as Co-CEO
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January 31, 2003
SAN FRANCISCO -- -- Charles Schwab Corp. (SCH) announced Friday that its founder, Charles Schwab, will step down from the position of co-chief executive officer, effective May 9.
Mr. Schwab, 65 years old, will continue to serve as chairman.
Co-CEO and President David Pottruck will become the company's sole CEO.
Mr. Schwab founded the firm in 1971. He led a management buyback in 1987 from Bank of America Corp. (BAC) and brought the firm public that year.
Late last year he was seen as a possible candidate to lead the U.S. Treasury Department. On Thursday, the Senate confirmed railroad executive John Snow for the position.
Mr. Pottruck, 54, joined the firm in 1984 from Shearson/American Express. In 1988, he was appointed Schwab's president and chief operating officer. He became chief executive officer of the brokerage unit in 1992, the same year he was appointed president of the parent firm.
He was named a member of the company's board in 1994 and co-chief executive in January 1998. Since 1992, during Mr. Pottruck's tenure as president, client assets have grown to $765 billion from $48 billion.
"As sole chief executive officer, David will shoulder more responsibility for guiding Schwab through its next era of growth," Mr. Schwab said in a statement. "As many experts have suggested, from regulators to Congress to independent blue ribbon panels, it is important in today's environment that the positions of CEO and chairman be distinct and that the chairman play a central role."
Earlier this month, Schwab posted a wider fourth-quarter loss, as costs from layoffs dented its results, which have suffered because of the continued drought in stock-trading fees. In October, the bank completed staff cuts totaling about 1,750 jobs, or about 10% of its staff, and eliminated about 150 contractors.
-Jenny Park; Dow Jones Newswires; 201-938-5400
(END) Dow Jones Newswires
01-31-03 1054ET
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