The Charles Schwab Corporation today announced its board of directors has unanimously approved the appointment of Chief Executive Officer Walter W. Bettinger II as Co-Chairman of the Schwab Board of Directors, along with Founder and Co-Chairman Charles R. Schwab.

In addition to becoming Co-Chairman for The Charles Schwab Corporation, Mr. Bettinger will become Co-Chairman of the boards of the firm’s banking subsidiaries: Charles Schwab Bank, SSB (CSB); Charles Schwab Premier Bank, SSB (CSPB); and Charles Schwab Trust Bank (CSTB).

These changes reflect Mr. Schwab’s and the board’s intention to ensure strategic and leadership continuity for the firm by following a thoughtful and long-term succession plan. As Chief Executive Officer (CEO) and Co-Chairman of the Board, Mr. Bettinger will maintain his current chief executive responsibilities and also share responsibilities for leadership of the Board with Mr. Schwab.

Mr. Schwab will continue to be actively involved in the firm’s strategic direction and corporate governance.

Mr. Bettinger has served as CEO of The Charles Schwab Corporation and a member of the Board of Directors since 2008. He also held the title of President of the company from 2008 until 2021, when the firm named Rick Wurster to that position. In addition to the corporate board, he also serves as a member of the board of directors of Schwab’s banking subsidiaries, and as Chairman of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Laudus Trust, and the Schwab Strategic Trust.

Prior to his current role, he served as president and chief operating officer of the company; as President of Schwab Investor Services; and in a variety of other senior leadership roles. Mr. Bettinger joined the company in 1995 as part of its acquisition of The Hampton Company, which he founded in 1983.