By Dean Seal

Charles Schwab's C-suite is getting a shakeup as its chief financial officer retires and its chief operating officer transitions to a new role as executive chairperson of Schwab Banks.

The largest publicly traded U.S. brokerage said Thursday that Peter Crawford is retiring after 22 years with the firm, with the last seven of those spent serving as chief financial officer. He will be succeeded by Mike Verdeschi, most recently the treasurer of Citigroup.

Chief Operating Officer Joe Martinetto will take on his new role at Schwab Banks at the end of June. He has been with Charles Schwab for more than 25 years and served in multiple roles, including CFO and treasurer.

Martinetto will not be replaced in the C-suite and his duties as operations chief will be assumed by other leaders at the firm.

Charles Schwab also said Thursday that Bernie Clark, its head of Advisor Services, will move into an advisory role at the end of June after more than 25 years with the firm. The company expects to name Jon Beatty, the current operations chief of Advisor Services, to succeed Clark.

The reshuffle comes after a tough 2023 for Charles Schwab, in which profits and revenue were dented by higher interest rates. Executives said in January that 2024 would be a "transitional" year and that the firm's performance would depend on the trajectory of interest rates, the stock market and the behavior of its new clients.

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(END) Dow Jones Newswires

05-16-24 0941ET