The Charles Schwab Corporation announced several executive transitions as part of the firm?s long-term succession planning strategy. Peter Crawford, after a distinguished 22-year career with the firm, including serving as Chief Financial Officer since 2017, has decided to retire from Schwab following a planned transition period. Crawford will be succeeded by Mike Verdeschi who will join the firm on May 20, 2024 as a Managing Director and Deputy Chief Financial Officer.

The firm expects to appoint Verdeschi as Chief Financial Officer (CFO) following the transition period with Crawford. Effective June 28, 2024, Joe Martinetto will transition from his role as Chief Operating Officer to assume the role of Executive Chairperson of the Schwab Banks. Martinetto has served the firm, employees, and clients in multiple roles over the past 25-plus years, including roles as CFO and Treasurer.

Most recently, he has successfully overseen the integration and conversion of former Ameritrade clients to Schwab ? the larger integration in the history of the investment brokerage industry. Martinetto?s role will not be replaced at this time, and his duties will be assumed by other leaders at the firm.

Also, effective June 28, 2024, Bernie Clark will transition from Head of Advisor Services to an advisory role to the firm. For more than 25 years, Clark has served the firm, employees, and clients in multiple roles, ranging from leading the company?s retail service centers to serving as the head of Advisor Services for most of the past 15 years. Upon Clark?s transition, the company expects to name Jon Beatty, the current Chief Operating Officer of Advisor Services, to assume the role of Head of Advisor Services and join the firm?s Executive Council.

Concurrently, Schwab expects to name Tom Bradley as Chief Client Officer for the Advisor Services business, reporting to Beatty. Bradley is currently a Managing Director for Advisor Services. Verdeschi will immediately assume responsibility for the company?s treasury and controller functions, as well as financial planning and analysis.

He was most recently Treasurer of Citigroup, where he spent over 30 years. During his tenure at Citigroup, Verdeschi held leadership positions in finance, treasury, and product with increasing levels of responsibility at the firm, including previously serving as Treasurer, Chief Investment Officer and Head of Rates Portfolio Management. He holds a Bachelor of Business Administration and a Master of Business Administration, both from Iona University.

Beatty has worked at Schwab for more than 20 years, all in roles supporting the growth and success of independent investment advisors. He has served as a member of the Advisor Services leadership team for more than 10 years and is currently the business? Chief Operating Officer.

Bradley joined Schwab and the Advisor Services leadership team shortly after the announcement of the acquisition of Ameritrade in early 2020. Prior to joining the company, he served in various independent advisor and retail leadership roles at Ameritrade.