it passes one trillion in assets under its roof and somewhere around 25,000 employees, it should come as now surprise that Schwab is once again rearranging the chairs in its executive suite. Most of the changes announced yesterday, including the creation of an office of the president, are designed to enable the firm to streamline its decision-making process, the brokerage firm said.
The most direct impact of the changes on the fund business is what amounts to an expansion of the role played in the fund business by John Coghlan
. He is assuming ultimate control of Schwab's Mutual Fund Enterprise, picking up the duties over the retail side of the business from Steven L. Scheid
, vice chair, and formerly head of Schwab's Financial Products and Services Enterprise. Coghlan already headed the Institutional side of Schwab's fund business.
, executive vice president will now report to Coghlan. He had reported to Scheid.
Scheid is assuming Linnet F. Deily's
post as the President of the Retail Enterprise at Schwab. Daily, in turn, is joining the newly created office of the president. She will report to co-CEO David Pottruck
who will also service in the office. Deily will help guide the company's strategic direction and drive a series of initiatives designed to leverage the strengths and capabilities of Schwab's various business units, according to the company.
"Thanks to the trust that our clients place in us, Schwab has seen fabulous growth and expansion in a highly competitive and increasingly complex business environment," said Charles R. Schwab
, Chairman and Co-CEO. "Today, Schwab is significantly different from our discount brokerage origins, and the Schwab of tomorrow must continue to adapt to our clients' needs. One of the underpinnings of our success has been enterprise-wide coordination centered on the client. The organizational changes we are announcing today will help us stay focused on the evolving needs of investors, provide our clients with an even richer suite of integrated products and services, and assure that we have the team in place to support Schwab's continued growth."
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