The move, effective May 9, ends four years when Pottruck shared day-to-day responsibilities with founder Charles Schwab. Schwab will stay on as board chairman, the company announced. Schwab said in the company’s announcement that the move is in keeping with calls from some corporate regulators and officials who have studied recent corporate scandals for companies to separate CEO and Chairman roles.
Pottruck, 54, joined the firm in 1984 from Shearson/American Express. In 1988 he was appointed president and chief operating officer of Charles Schwab & Co., Inc. He became chief executive officer of the brokerage subsidiary in 1992, the year he was appointed president of The Charles Schwab Corporation. He joined its Board of Directors in 1994, and became the company’s co-CEO in January 1998.
Since 1992, during Pottruck’s tenure as president, client assets have grown from $48 to $765 billion, the Schwab announcement said.