Schwab Announces Executive Transitions

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.”