Liz Ann Sonders was named as chair of the investment committee at Windhaven Investment Management following the departure of the firm's founder Stephen Cucchiaro, said Greg Gable, a spokesman for Windhaven parent Charles Schwab Corp., on Monday.
Mr. Gable said Mr. Cucchiaro, who had been chief investment officer, was leaving for personal reasons and no additional details were available.
Ms. Sonders has been chief investment strategist for Charles Schwab and will remain in that position while taking on the additional responsibilities at Windhaven, Mr. Gable said.
Charles Schwab acquired Windhaven, a money manger specializing in ETF portfolios, in November 2010 from Mr. Cucchiaro. Since then, assets under management have increased to more than $19 billion from $4.2 billion.
Mr. Cucchiaro formed the company in 1994.