A Reuters news report said the promotion makes him a potential successor to the discount brokerage’s founder and CEO.
According to the report, the promotion comes after Chief Financial Officer Christopher Dodds announced his planned retirement in January. Dodds had been seen as a potential successor for Charles Schwab, 69, also the company’s chairman.
Still, Bettinger’s promotion “creates a second in command,” spokesman Greg Gable told Reuters, and helps fill the vacuum created by Dodds’ planned departure.
Bettinger, 46, “does take on some of the responsibilities that Dodds had across the entire businesses,” Gable said.
Bettinger will oversee the company’s operating businesses, including its investor services, institutional and corporate and retirement, as well as mutual funds, banking technology and operations, the report said.