The San Francisco-based investment firm named Charles Schwab to the CEO. Schwab will also continue to serve as the Chairman of the Board.
“During his two decades here at Schwab, David has been a valued partner to me and has worked tirelessly to help this Company pursue its vision,” Schwab said. “As I see the opportunities ahead for Schwab, I want to underscore my confidence in the strength of our franchise, the value we provide our clients, the dedication of our employees, and the depth of our management team.”
The move comes as the company’s stock has been struggling. Yesterday, Charles Schwab’s stock set a 52-week low of $8.25; this was after the stock hit a 52-week high of $14.20 on October 15.