Enter multiple symbols separated by commas

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


    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

  • Hero miles for military members: Real estate magnate's plea

    Chairman of the Fisher House Foundation, Ken Fisher, discusses the Hero Miles program with CNBC's Dina Gusovsky. During Military Appreciation Month, Fisher is asking every traveler to donate 1,000 of their miles to replenish the Hero Miles programs that is in danger of running out.

  • Cramer shuts down this market's haters

    "Mad Money" host Jim Cramer on why this market can't stop, won't stop.

  • From the battlefield to the boardroom

    Your Grateful Nation is dedicated to helping Special Forces veterans enter the corporate world and Knot Standard provides complimentary suits to vets. Mad Money's Jim Cramer spoke with Rob Clapper, Your Grateful executive director; John Ballay, Knot Standard co-founder and president; Tej Gill, retired U.S. Navy Seal; and Darren McB, active duty U.S. Navy Seal.