Westlake-based financial services giant The Charles Schwab Corp. has announced several executive transitions as part of the firm’s long-term succession planning strategy.

Schwab said that Peter Crawford, after 22-years with the firm, including serving as chief financial officer since 2017, has decided to retire following a planned transition period. Crawford will be succeeded by Mike Verdeschi, who will join the firm on May 20 as a managing director and deputy chief financial officer.

The firm said it expects to appoint Verdeschi as CFO after the transition period with Crawford.

Effective June 28, Joe Martinetto will transition from his role as chief operating officer to take the role of executive chairperson of the Schwab Banks. Martinetto has served the firm, employees, and clients in multiple roles over the past 25-plus years, including roles as CFO and Treasurer. Most recently, Martinetto has overseen the integration and conversion of former Ameritrade clients to Schwab—the largest integration in the history of the investment brokerage industry. The company said that Martinetto’s role will not be replaced at this time, and his duties will be assumed by other leaders at the firm.

Also effective June 28, Bernie Clark will transition from head of Advisor Services to an advisory role to the firm. For more than 25 years, Clark has served in multiple roles, ranging from leading the company’s retail service centers to serving as the head of Advisor Services for most of the past 15 years.

With Clark’s transition, the company said it expects to name Jon Beatty, the current chief operating officer of Advisor Services, to assume the role of head of Advisor Services and join the firm’s Executive Council. Schwab also expects to name Tom Bradley as chief client officer for the Advisor Services business, reporting to Beatty. Bradley currently is a managing director for Advisor Services.

‘Laying the groundwork’ for growth and success

“Over the course of a business career as long as mine, I’ve been blessed with the opportunity to serve with many exceptionally talented, dedicated people of high character and integrity who have been my closest colleagues. Without a doubt, Peter Crawford, Joe Martinetto, and Bernie Clark are three of those people. Peter’s leadership has been central to Schwab’s evolution as one of the nation’s largest investment services firms,” Walt Bettinger, co-chairman and chief executive officer said in a statement.

Bettinger said that Crawford’s deep understanding of Schwab’s business and strategy “has positioned us for continued, long-term success, and his willingness to remain with us to ensure a smooth transition is evidence of his leadership.”

He added that the company is fortunate to “have a seasoned executive with Mike Verdeschi’s experience join us to lead our disciplined approach to financial and balance sheet management as we lay the groundwork for Schwab’s continued growth and success,” 

Bettinger also praised Martinetto’s expertise.

“Joe Martinetto is a uniquely talented individual. Anyone who interacts with him quickly realizes his knowledge of the firm, the markets, finances, and the regulatory world is unmatched,” he said. “I’m grateful for the extraordinary work Joe has done over the past four years overseeing the integration of Ameritrade with Schwab and thrilled that Joe will continue serving as Executive Chairperson of the Schwab Banks.”

Developing ‘a strong bench of leaders’

Bettinger said that Clark came to him recently to say that with the Ameritrade integration complete, he was ready to make a transition in his duties,

“His impact on the independent investment advisor industry is arguably unmatched, leading the industry from its infancy to become one of the fastest growing segments of the investment services world,” Bettinger said. “He has also mentored and developed a strong bench of leaders, including Jon Beatty and Tom Bradley, who share his passion for the industry and will continue to deliver on our commitments to the independent investment advisors we serve. I’m pleased that Bernie will continue to serve in an executive advisory position offering his wisdom and counsel to me personally, as well as the entire leadership team.”

The company said that Verdeschi will assume responsibility immediately for its treasury and controller functions, as well as financial planning and analysis. He was most recently treasurer of Citigroup, where he spent over 30 years. During his tenure at Citigroup, Verdeschi held leadership positions in finance, treasury, and product with increasing levels of responsibility at the firm, including previously serving as treasurer, chief investment officer and head of Rates Portfolio Management.

Schwab said that Beatty has worked at the company for more than 20 years, all in roles supporting the growth and success of independent investment advisors. He has served as a member of the Advisor Services leadership team for more than 10 years and is currently the business’ chief operating officer. Bradley joined Schwab and the Advisor Services leadership team shortly after the announcement of the acquisition of Ameritrade in early 2020. Prior to joining the company, he served in various independent advisor and retail leadership roles at Ameritrade.

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