will no longer share the CEO title with Charles Schwab
at the San Francisco-brokerage firm. Schwab will keep his title as chairman of the firm he founded, though. The decision by Schwab to make Pottruck sole CEO is one that has been expected by many Schwab watchers. Pottruck has been co-CEO with the 65-year old Schwab for the past five years.
"As sole chief executive officer, David will shoulder more responsibility for guiding Schwab through its next era of growth. As the founder and major shareholder of this company, I will continue to play a very active role as the chairman -- helping to build and lead the Corporation, working closely with David to set our strategy, speaking on behalf of our clients and investors, and ensuring that the Company stays true to its vision and values as it evolves to meet the changing needs of our clients. 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. I intend to embody that and be the model of an active chairman," said Schwab in a statement.
Pottruck, 54, joined the firm in 1984 from Shearson/American Express. In 1988 he was appointed president and chief operating officer of Charles Schwab & Co., Inc. He became chief executive officer of this brokerage subsidiary in 1992, the same year he was appointed president of The Charles Schwab Corporation.
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