secwatch.observer — SEC 8-K summary
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Issuer:     SCHWAB CHARLES CORP (SCHW)
CIK:        0000316709
Form:       8-K
Filed at:   2024-10-01T23:59:59+00:00
Accession:  0001193125-24-229532
Event type: leadership
Sentiment:  neutral
Materiality: 0.80
Item codes: 5.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/316709/000119312524229532/0001193125-24-229532-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/316709/000119312524229532/d872219d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-24-229532

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer