Growth has been so good at Charles Schwab Corp., San Francisco, the man himself needs a break from the workload.
After several years of 30%-plus growth and a tripling of assets under management, the parent company re-established a three-person management team.
Charles Schwab will remain chairman and chief executive officer. But he'll be getting more help on planning the strategy, growth and direction of the company from David S. Pottruck, who is relinquishing his day-to-day oversight duties as chief executive officer of Charles Schwab & Co., the firm's brokerage arm. Mr. Pottruck will work closely with Mr. Schwab to plot the company's strategic goals, said spokeswoman Tracey Gordon. Mr. Pottruck will continue to serve as president and chief operating officer of the parent corporation where he directs financial, technology, human resources, communications and administrative groups.
The role of president was re-created at the brokerage unit and filled by Timothy F. McCarthy, who in taking the job, will assume oversight of day-to-day operations. The president's job in the brokerage division had been eliminated when Mr. Pottruck was named president and COO of the parent company in 1992.
Mr. McCarthy previously was executive vice president of the financial products, international business and the company's mutual fund group. He will be replaced by Thomas Seip, who assumes the job, with the title of president of that group.
Mr. Seip's old job as head of retail investments was split into two positions: Susanne Lyons will head the active and affluent investors group; and Karen Chang, a general investors group.