Advertisement

businessLocal Companies

Charles Schwab CEO who brought company headquarters to North Texas set to retire

Walt Bettinger moved the company’s headquarters from California in 2021.

Charles Schwab Corp. Chief Executive Officer Walt Bettinger will step down at the end of this year, handing the role to President Rick Wurster after the firm said three months ago that it will revamp its bank unit.

Bettinger, who turns 65 next year, has led Schwab since 2008, the company said in a statement Tuesday. The firm said in May it would replace its chief financial officer.

Bettinger was the leader responsible for moving the company’s corporate headquarters from San Francisco to Westlake after acquiring rival TD Ameritrade in 2021.

Charles Schwab CEO Walt Bettinger
Charles Schwab CEO Walt Bettinger(Charles Schwab)

“The time is right for me to transition from day-to-day duties and focus on my role as executive co-chairman of the Schwab board of directors,” Bettinger said in the statement, adding that he had “complete confidence” in Wurster’s leadership.

Schwab told investors in July that it’s considering ways to rely less heavily on its own balance sheet after being swept up in last year’s regional banking turmoil, which saw the company’s paper losses mount as its bond investments plummeted. It’s also prioritizing paying down costlier debts, after describing last year as one of its most challenging in decades.

Advertisement

Bettinger will continue to serve on Schwab’s board of directors as executive co-chairman. The firm’s namesake, Charles “Chuck” Schwab, is the other co-chairman. He founded the firm in 1971.

Business Briefing

Become a business insider with the latest news.

Or with:

Outgoing CFO Peter Crawford is assisting his replacement, Mike Verdeschi, during a transition period. In addition to its internal challenges, Schwab is grappling with an increasingly competitive retail brokerage industry that features existing rivals such as Interactive Brokers Group Inc. and newer upstarts, including Robinhood Markets Inc.

- Paige Smith for Bloomberg

Advertisement
Related Stories
Read More
Employees began moving into Charles Schwab's campus s in Westlake back in 2019. (Vernon...
Charles Schwab to finish out fourth office building at its Westlake corporate campus
The financial firm, which moved its headquarters from San Francisco to Texas in 2021, is completing an eight-story office building on its campus at State Highways 114 and 170 in Westlake.
Charles Schwab's corporate headquarters campus in Westlake.
Charles Schwab should jettison its bank division amid industry turmoil, one analyst says
With all the angst bearing down on Westlake-based Charles Schwab Corp., the brokerage may be worth a lot more without its bank.