Bettinger to be new CEO of Schwab

Bettinger will replace company founder Charles R. Schwab as CEO on Oct. 1, the brokerage firm announced Tuesday. Schwab said he will remain active as chairman of the company.

Bettinger, who is 47, was named president and chief operating officer in February 2007 and oversaw the company's investment businesses, banking and other operations.

The move marked a turning point for the 70-year-old Schwab, one of the wealthiest people in the United States, who founded the company in 1971. It now has $1.4 trillion in assets and counts more than 7 million individual and institutional clients.

The ubiquitous Schwab even figures in the company's advertising, urging prospective investors to "Talk to Chuck."

"I will continue to serve as a very active chairman and look forward to continuing the strong partnership that Walt and I have developed," Schwab said in a statement. "We share entrepreneurial backgrounds, a desire to see Schwab continue its strong growth and a common vision for what our business can do to help Americans be financially fit."

Schwab called Bettinger "an adept leader."

Bettinger, in a statement, said he and Schwab have worked closely together over the years preparing for the transition and will continue to collaborate closely in their new roles.