, executive vice president of SchwabFunds(R), and president and chief operating officer of Charles Schwab Investment Management, Inc. (CSIM) has informed the company that he will be retiring within the year.
Klipp is 43 years old and reports to Steve Scheid
, chief financial officer at Charles Schwab & Co.
Schwab will look both internally and externally to fill his position, according to a spokesperson for the San Francisco-based firm.
"Bill has had an outstanding career here at Schwab," said Charles Schwab, chairman and co-chief executive officer of The Charles Schwab Corporation. "His leadership has helped to build CSIM into the important investment management company it is today. CSIM's achievements are a testament to the strong management team he has built over the years. For that we will owe him our thanks well into the future."
Klipp has been at Schwab since May 1990 when he came aboard as the company's treasurer. It was under Klipp that Schwab created its proprietary family of SchwabFunds in 1991.
Since that time the family of funds has grown from three money market funds with $3 billion in assets to 48 equity, bond, and money funds with customer assets of over $88 billion. SchwabFunds is the country's third largest provider of retail index funds. In 1998, net purchases of SchwabFunds totaled $23.7 billion, more than double 1997's total.
In explanation of his retirement, Kipp said that he has "reached a time in life when spending more time with my family is of great personal importance."
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