Schwab CEO Walt Bettinger to retire Dec 31, 2024; President Rick Wurster named successor

SCHWAB CHARLES CORP

Bettinger steps down as CEO effective Dec 31, 2024, becomes Executive Co-Chairman alongside founder Charles Schwab.
Rick Wurster, President since 2021, appointed CEO and board member effective Jan 1, 2025.
Wurster's 2025 compensation: $1.25M base salary, 325% target cash incentive, $12.6875M long-term incentive.
Bettinger's tenure: client assets grew from $1.14T to $9.74T; market cap from ~$18B to ~$119B.
Stock price rose from ~$16 (end-2008) to ~$65, a 400% increase; accounts grew from 9.3M to 43.2M.

item 5.02 item 7.01 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Appointed

Richard A. Wurster

Director

SCHW · SCHWAB CHARLES CORP

Effective: 2025-01-01
Filed: October 1, 2024, 7:59 PM ET

Mr. Wurster was appointed as a member of the Board to fill such vacancy, effective as of the Transition Date, and will hold such office until the election of the class of directors whose term expires at the 2026 annual meeting of stockholders.

Appointed

Richard A. Wurster

Chief Executive Officer

SCHW · SCHWAB CHARLES CORP

Effective: 2025-01-01
Filed: October 1, 2024, 7:59 PM ET

Also, on September 30, 2024, the Board appointed Richard A. Wurster to succeed Mr. Bettinger as CEO, effective as of January 1, 2025 (the “Transition Date”).

Role change

Walter W. Bettinger II

Executive Co-Chairman of the Board

SCHW · SCHWAB CHARLES CORP

Effective: 2025-01-01
Successor: Richard A. Wurster
Filed: October 1, 2024, 7:59 PM ET

Following the Transition Date, Mr. Bettinger will cease to serve as the CEO but will continue to serve, along with Charles R. Schwab, as the Executive Co-Chairman of the Board.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Richard A. Wurster was appointed as Director at SCHWAB CHARLES CORP.

Action: appointed
Role: Director

Exact text from the filing

Mr. Wurster was appointed as a member of the Board to fill such vacancy, effective as of the Transition Date, and will hold such office until the election of the class of directors whose term expires at the 2026 annual meeting of stockholders.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Richard A. Wurster was appointed as Chief Executive Officer at SCHWAB CHARLES CORP.

Action: appointed
Role: Chief Executive Officer

Exact text from the filing

Also, on September 30, 2024, the Board appointed Richard A. Wurster to succeed Mr. Bettinger as CEO, effective as of January 1, 2025 (the “Transition Date”).

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Walter W. Bettinger II retired as Executive Co-Chairman of the Board at SCHWAB CHARLES CORP.

Action: retired
Role: Executive Co-Chairman of the Board

Exact text from the filing

Following the Transition Date, Mr. Bettinger will cease to serve as the CEO but will continue to serve, along with Charles R. Schwab, as the Executive Co-Chairman of the Board.

View on SEC.gov

SCHWAB CHARLES CORP filing history →

Source: SEC EDGAR

accession 0001193125-24-229532

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