Magazine article American Banker

Resignation Touches off Reorganization at Schwab

Magazine article American Banker

Resignation Touches off Reorganization at Schwab

Article excerpt

Charles Schwab Corp. said Monday that John Philip Coghlan, vice chairman and president of its individual investor unit, had decided to leave to search for a job as a corporate chief executive officer.

The San Francisco brokerage said that with the departure of Mr. Coghlan -- who will remain with the firm during a transition period, a spokesman said -- it will reorganize the management of its business units. William L. Atwell will take over most of Mr. Coghlan's duties as head of the individual investor segment and combine that with Schwab's new bank operation.

Mr. Atwell, who has been executive vice president for institutional and international operations in addition to the bank, will begin his new role immediately. He will continue to report to David S. Pottruck, Schwab's president and co-CEO.

Mr. Coghlan, who also reported to Mr. Pottruck and turns 52 this month, was put in charge of the retail unit last June to help Schwab sell more products to more consumers. Before that he led its institutional arm. But Schwab has struggled during the three-year market slump. First-quarter profits were down 25% from last year, and revenues of $900 million were the lowest since the fourth quarter of 1998.

With Mr. Coghlan leaving, Schwab will split off the emerging affluent and affluent segments that have been under him and have them report to Jody L. Bilney, executive vice president and chief marketing officer.

Dawn G. Lepore, vice chairman of technology, operations and administration, will assume leadership of Schwab's active-trader business, which used to be part of the individual investor operations, the company said. …

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