The Charles Schwab Corp. in San Francisco officially announced today that, effective immediately, Deborah McWhinney has retired from the company. McWhinney had been head of Schwab Institutional—the division that serves financial advisors—since joining the company in 2001 and, until recently, was widely considered a potential successor to the once-retired company founder and current CEO Charles Schwab.

But in February, the company appointed Walter Bettinger II as the firm's new president and chief operating officer, making him, and not McWhinney, the clear front-runner to eventually take the firm's reins. McWhinney's abrupt decision to leave Schwab comes less than two months after Bettinger's promotion.

According to Schwab spokesperson Lindsay Tiles, the sudden decision was a "personal one," and not a move made by top management. Tiles did not comment on the abruptness of the announcement, nor did she speculate on what McWhinney will be doing in the future.

Her position has been filled by Charles Goldman, who has been acting chief operating officer of Schwab Institutional for the past two years. He has been with the company since 2001. Spokesperson Tiles notes that Goldman is very familiar with the needs of advisors and is expected to follow the same course that McWhinney has been taking the business in recent years.

In addition, Benjamin Brigeman has been appointed head of Schwab Investor Services. He is filling a role left empty by Bettinger's appointment. Both Brigeman and Goldman will report to Bettinger.