GO
Loading...

Schwab Names Bettinger President, Seen As  Potential Heir to Top Post

Charles Schwab on Wednesday said it named Walt Bettinger II, who heads its investor services unit, as president and chief operating officer, making him a potential successor to the discount brokerage's namesake founder and CEO.

His promotion comes after Chief Financial Officer Christopher Dodds said in January he planned to retire. Dodds had been seen as a potential successor for Charles Schwab, 69, also the company's chairman.

Schwab has said he was committed to staying CEO for the foreseeable future.

Still, Bettinger's promotion "creates a second in command," said spokesman Greg Gable, and helps fill the vacuum created by Dodds' planned departure.

Bettinger, 46, "does take on some of the responsibilities that Dodds had across the entire businesses," Gable said.

Bettinger will report to Schwab, as will its finance, corporate oversight, human resources and marketing functions.

Bettinger will oversee the company's operating businesses, including its investor services, institutional and corporate and retirement, as well as mutual funds, banking technology and operations.

Contact U.S. News

  • CNBC NEWSLETTERS

    Get the best of CNBC in your inbox

    Please choose a subscription

    Please enter a valid email address
    To learn more about how we use your information,
    please read our Privacy Policy.

Don't Miss

U.S. Video

  • Tang is known by her stage name G.E.M. She is a Hong Kong based pop artist who has a powerful voice and a diverse fan base. Her 80 concerts from 2013 to 2015 helped make her one of the top-grossing singers in Asia.

  • "Mad Money" host Jim Cramer on what the highly anticipated Apple Watch could mean for the stock.

  • Mad Money host Jim Cramer explains how he ranks stocks for when things are going good, or go horribly wrong.