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The Charles Schwab Corporation

Financial Services / Brokerage & Wealth ManagementFounded 1971
Reviewed by Swet Parvadiya
Company data updated: October 2026

Leadership History

Charles Schwab: CEO History

5 leaders · Full leadership timeline

Who is the CEO of Charles Schwab?

Rick Wurster is the CEO of Charles Schwab, in the role since 2025. The first chief executive was Charles R. Schwab, from 1971.

Current CEO
Rick Wurster (since 2025)
First CEO
Charles R. Schwab (1971)
Leaders documented
5
Founded
1971
NameRoleFromToYears in role
Richard A. WursterPresident and Chief Executive Officer2025Present1
Walter W. Bettinger IICo-Chairman and Former CEO2008202416
David S. PottruckCo-Chief Executive Officer, later Chief Executive Officer199820046
Charles R. SchwabFounder, Chairman and Chief Executive Officer1971200837
Mike VerdeschiManaging Director and Chief Financial Officer—Present—
Who was CEO of Charles Schwab before Richard A. Wurster?
Walter W. Bettinger II was CEO of Charles Schwab from 2008 to 2024, before Richard A. Wurster took over in 2025.

Company Overview

Charles Schwab turned stock investing from a high-fee service for the wealthy into a low-cost consumer product. Today the Westlake, Texas, company serves 48.0 million client accounts, custodies assets for thousands of independent advisors, runs one of the largest U.S. ETF and money-market fund businesses through Schwab Asset Management, and owns Charles Schwab Bank. It is publicly traded on the NYSE (SCHW), has about 33,000 full-time-equivalent employees, and had a market value of roughly $171 billion in late September 2026. The massive American financial services juggernaut was founded in San Francisco, California in 1971, aggressively revolutionizing Wall Street by inventing the discount brokerage model and completely destroying legacy stockbroker commissions.

Richard A. Wurster

President and Chief Executive Officer

2025 – Present

1 year (current)

Legacy

Rick Wurster became President and CEO on January 1, 2025, after joining Schwab in 2016 and serving as President of the company from October 2021, when he oversaw much of the TD Ameritrade integration. He took over as client cash sorting was easing and has steered Schwab to record results: FY2025 net revenues of $23.921 billion and Q2 2026 net revenues of $7.072 billion. His priorities include growing Schwab Wealth Advisory and lending, adding crypto and private-market access (including the $660 million Forge Global deal), winning independent-advisor assets, and using AI in client service.

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Walter W. Bettinger II

Co-Chairman and Former CEO

2008 – 2024

16 years

Legacy

Walt Bettinger joined Schwab in 1995 when it bought The Hampton Company, the retirement-plan firm he founded, and became CEO in October 2008. He eliminated online stock and ETF commissions in October 2019, led the TD Ameritrade acquisition announced at about $26 billion (completed in 2020), moved the headquarters to Texas, and steered Schwab through the 2023 cash-sorting stress. He handed the CEO role to Rick Wurster at the end of 2024 and remains Co-Chairman.

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David S. Pottruck

Co-Chief Executive Officer, later Chief Executive Officer

1998 – 2004

6 years

Key Decisions & Impact

Pottruck became co-chief executive with Charles Schwab in 1998 and sole chief executive in 2003, leading the firm through the growth of online trading and the downturn that followed.

Legacy

The board removed him in July 2004 and Charles Schwab returned as chief executive.

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Charles R. Schwab

Founder, Chairman and Chief Executive Officer

1971 – 2008

37 years

Key Decisions & Impact

Charles Schwab founded the firm in 1971 and turned it into a discount broker after US brokerage commissions were deregulated in 1975. He shared the chief executive role with David Pottruck from 1998 to 2003 and returned as sole chief executive in 2004.

Legacy

He led the management buyout from Bank of America in 1987 and the listing that followed. Walt Bettinger succeeded him as chief executive in 2008.

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Mike Verdeschi

Managing Director and Chief Financial Officer

Legacy

Mike Verdeschi is Schwab's CFO and presents its quarterly results, including the record Q2 2026 GAAP EPS of $1.54 and the $11.8 billion of capital returned to shareholders in 2025.

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Challenges & Strategic Context

Schwab's core vulnerability is interest-rate sensitivity. When the Federal Reserve raised rates in 2022-2023, clients moved low-yielding sweep cash into money market funds and Treasuries ('cash sorting'), forcing Schwab to lean on higher-cost Federal Home Loan Bank advances and brokered CDs. After Silicon Valley Bank failed in March 2023, SCHW shares fell more than 30% in weeks on worries about unrealized losses in its bond portfolio, and net revenues dropped to $18.84 billion for 2023. The multi-year TD Ameritrade conversion, finished in May 2024, also caused service complaints and some attrition among active traders. Looking ahead, Schwab faces fee pressure from Fidelity and Vanguard, younger investors drawn to Robinhood and other app-first brokers, regulatory scrutiny of cash sweep yields and payment for order flow, and earnings exposure if rates fall sharply.

Charles Schwab CEO and Leadership FAQ

Who is the current CEO of Charles Schwab?

Rick Wurster has been President and CEO of The Charles Schwab Corporation since January 1, 2025, succeeding Walter W. Bettinger II.

What executive leadership roles did Rick Wurster hold prior to becoming CEO?

Rick Wurster joined Schwab in 2016, held senior leadership roles, and became President of the company in October 2021, overseeing much of the TD Ameritrade integration before becoming CEO.

Who was Walter W. Bettinger II and what was his legacy as CEO from 2008 to 2024?

Walter W. Bettinger II was Schwab's CEO from October 2008 through 2024. He eliminated online stock and ETF commissions in 2019, led the TD Ameritrade acquisition, moved the headquarters to Texas, and steered the firm through the 2023 cash-sorting stress. He remains Co-Chairman.

Who is Charles R. 'Chuck' Schwab and what is his role today?

Charles R. 'Chuck' Schwab founded the company in 1971, served as CEO for most of its history (including a return from 2004 to 2008), and remains Co-Chairman of the board.

Who was David S. Pottruck and what was his tenure as co-CEO?

David S. Pottruck served as co-CEO alongside Chuck Schwab during the late 1990s internet boom and sole CEO from 2003 to 2004, pioneering Schwab's early transition into online web-based trading before Chuck Schwab returned to lead the company.

How did Walt Bettinger steer Schwab through the October 2019 zero-commission price war?

Walt Bettinger made the audacious strategic decision to slash US stock and ETF trading commissions to zero in October 2019, sacrificing short-term trading revenues to trigger industry consolidation that allowed Schwab to acquire TD Ameritrade.

How is board leadership structured following the 2025 transition?

Charles R. Schwab and Walter W. Bettinger II serve as Co-Chairmen of the Board of Directors, providing multi-decade governance and strategic continuity, while Rick Wurster leads global executive operations as CEO.

What has Schwab achieved under Rick Wurster?

In his first 18 months as CEO, Schwab posted record FY2025 net revenues of $23.921 billion, closed the $660 million Forge Global acquisition, launched Schwab Crypto spot trading, and reported record Q2 2026 revenue of $7.072 billion.

Who is the CEO of Charles Schwab?

Walt Bettinger currently serves as CEO, heavily driving the massive acquisition of TD Ameritrade. However, founder Charles R. Schwab remains heavily involved as Co-Chairman and is the undisputed visionary of the firm.

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Content is for informational purposes only. Not financial advice. Data sourced from SEC filings, annual reports, and public records. See our full disclaimer and methodology.