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The Charles Schwab Corporation Announces the Promotion of Rick Wurster to President
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Rhea-AI Summary
The Board of Directors of The Charles Schwab Corporation has appointed Rick Wurster as President, effective October 15, 2021. Wurster, previously Managing Director and head of Schwab Asset Management, has been with the company since 2016. He will oversee multiple divisions, including Investor Services and Schwab Asset Management. CEO Walt Bettinger praised Wurster's client-focused approach. As of August 31, 2021, Schwab reported 32.5 million active brokerage accounts and $7.8 trillion in client assets.
Positive
Appointment of Rick Wurster as President is expected to enhance leadership and direction.
Wurster has a strong background in asset management, which could benefit the company's strategic vision.
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None.
WESTLAKE, Texas--(BUSINESS WIRE)--
The Board of Directors of The Charles Schwab Corporation announced today the appointment of Rick Wurster as President of The Charles Schwab Corporation, effective October 15, 2021. In his new role, Mr. Wurster will report to Walt Bettinger, Chief Executive Officer of The Charles Schwab Corporation.
Mr. Wurster is currently a Managing Director and head of Schwab Asset Management. He joined Schwab in early 2016 and has worked closely with Mr. Bettinger and other Schwab executives over the past five years. Before joining Schwab, Mr. Wurster was employed at Wellington Management and McKinsey & Company. He has a Master of Business Administration from The Tuck School of Business at Dartmouth and a Bachelor of Science in economics from Villanova University. He holds both the Chartered Financial Analyst® (CFA) and Chartered Market Technician® (CMT) designations.
Mr. Bettinger commented on Mr. Wurster’s appointment: “Rick is an exceptional executive and leader and I am thrilled to continue working with him in his expanded role. His client focus aligns with the Through Clients’ Eyes strategy that originated with our founder, Chuck Schwab, and has guided our firm for almost 50 years.”
Mr. Wurster’s organization will include Investor Services, Advisor Services, Workplace Financial Services, and International Services, in addition to Schwab Asset Management.
About Charles Schwab
The Charles Schwab Corporation (NYSE: SCHW) is a leading provider of financial services, with 32.5 million active brokerage accounts, 2.2 million corporate retirement plan participants, 1.6 million banking accounts, and $7.8 trillion in client assets as of August 31, 2021. Through its operating subsidiaries, the company provides a full range of wealth management, securities brokerage, banking, asset management, custody, and financial advisory services to individual investors and independent investment advisors. Its broker-dealer subsidiaries, Charles Schwab & Co., Inc., TD Ameritrade, Inc., and TD Ameritrade Clearing, Inc., (members SIPC, www.sipc.org), and their affiliates offer a complete range of investment services and products including an extensive selection of mutual funds; financial planning and investment advice; retirement plan and equity compensation plan services; referrals to independent, fee-based investment advisors; and custodial, operational and trading support for independent, fee-based investment advisors through Schwab Advisor Services. Its primary banking subsidiary, Charles Schwab Bank, SSB (member FDIC and an Equal Housing Lender), provides banking and lending services and products. More information is available at www.aboutschwab.com.
MEDIA:
Mayura Hooper Charles Schwab
Phone: 415-667-1525
INVESTORS/ANALYSTS:
Jeff Edwards Charles Schwab
Phone: 415-667-1524
Source: The Charles Schwab Corporation
FAQ
Who is the new President of Charles Schwab?
Rick Wurster has been appointed as the new President of Charles Schwab, effective October 15, 2021.
What are Rick Wurster's qualifications?
Rick Wurster holds an MBA from the Tuck School of Business at Dartmouth and a Bachelor of Science in economics from Villanova University, along with CFA and CMT designations.
What divisions will Rick Wurster oversee at Charles Schwab?
Rick Wurster will oversee Investor Services, Advisor Services, Workplace Financial Services, International Services, and Schwab Asset Management.
What was Charles Schwab's total client assets as of August 31, 2021?
Charles Schwab reported $7.8 trillion in client assets as of August 31, 2021.
