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Schwab announces CFO transition

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Peter Crawford, Charles Schwab Corporation’s executive vice president of finance and a 16-year veteran of the company, is to succeed Joseph R Martinetto as chief financial officer (CFO), effective 16 May.

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.
 
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.
 
Named CFO in 2007, 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 USD50 billion in 2007 to over USD220 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,” says 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.”
 
Martinetto says: “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, Crawford (pictured), 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, DC, San Francisco, Sao Paulo and Hong Kong offices.
 
During his tenure at Schwab, 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. 

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