Peter Crawford promoted to Chief Financial Officer effective May 16
Joe Martinetto to continue serving as Senior Executive Vice President
The Charles Schwab Corporation announced today that Peter Crawford,
Schwab’s executive vice president of finance and a 16-year veteran of
the company, will succeed Joseph R. Martinetto as the company’s chief
financial officer, effective May 16 following Schwab’s annual
stockholders meeting.
Mr. Martinetto, 55, who marks his 20th anniversary with
Schwab this year, will continue as senior executive vice president at
Schwab, reporting to President and CEO Walt Bettinger and maintaining
oversight of several functions including: the company’s banking,
technology and operations units; its real estate and corporate
development and strategy teams; and community services. Mr. Martinetto
will also continue serving on the company’s executive council, as a
trustee of the Schwab Family of Mutual Funds and Exchange Traded Funds,
and as a member of the boards of Charles Schwab Bank and Charles Schwab
& Co, Inc. Named CFO in 2007, Mr. Martinetto subsequently helped Schwab
successfully navigate the country’s recent financial crisis and the
Federal Reserve’s zero interest rate policies, while guiding growth in
Schwab’s balance sheet from less than $50 billion in 2007 to over $220
billion today.
“Joe’s leadership and judgment have been central to Schwab’s success
over the past decade, and I look forward to his continued partnership
and counsel for years to come,” said Mr. Bettinger. “I’m grateful for
Joe’s ongoing commitment as a senior executive at Schwab, as well as his
skill at developing a talented bench of executives to ensure smooth
transitions into important roles like CFO. With Peter succeeding Joe, we
are promoting a strong leader with outstanding business acumen who has
the confidence of our board of directors, Joe and me.”
Mr. Martinetto commented, “Peter and I have been working together
towards this transition since the middle of 2015. We are closely aligned
regarding the importance of sustaining the company’s commitment to
profitable growth and the expense discipline that makes it possible.
Peter is ready to lead the company’s financial management in a manner
consistent with our longstanding values while also helping Schwab
continue to evolve as one of the nation’s largest investment services
firms.”
Appointed executive vice president of finance in July 2015, Mr.
Crawford, 48, leads the company’s treasury and controller functions, as
well as planning and enterprise finance. He joined Schwab in 2001 after
serving at McKinsey & Company, where he was an engagement manager in the
Washington, D.C., San Francisco, Sao Paulo and Hong Kong offices.
During his tenure at Schwab, Mr. Crawford has held increasing levels of
responsibility for a wide range of businesses and product lines,
including product management for Schwab Funds, and management of
Schwab’s cash products, its core client segment offerings, the company’s
fixed income offering, and its third party investment platforms. He also
served as chief of staff to Chairman Charles Schwab. Crawford holds a
bachelor’s degree from Yale University, where he graduated magna cum
laude, and a master of business administration degree from the Stanford
Graduate School of Business.
About Charles Schwab
The Charles Schwab Corporation (NYSE: SCHW) is a leading provider of
financial services, with more than 335 offices and 10.2 million active
brokerage accounts, 1.5 million corporate retirement plan participants,
1.1 million banking accounts, and $2.78 trillion in client assets as of
December 31, 2016. Through its operating subsidiaries, the company
provides a full range of wealth management, securities brokerage,
banking, money management, custody, and financial advisory services to
individual investors and independent investment advisors. Its
broker-dealer subsidiary, Charles Schwab & Co., Inc. (member SIPC,
www.sipc.org),
and affiliates offer a complete range of investment services and
products including an extensive selection of mutual funds; financial
planning and investment advice; retirement plan and equity compensation
plan services; referrals to independent fee-based investment advisors;
and custodial, operational and trading support for independent,
fee-based investment advisors through Schwab Advisor Services. Its
banking subsidiary, Charles Schwab Bank (member FDIC and an Equal
Housing Lender), provides banking and lending services and products.
More information is available at www.schwab.com
and www.aboutschwab.com.
