John Coghlan, vice chairman of Charles Schwab and enterprise president of Schwab Institutional, will become the new head of Schwab's mutual fund operations, replacing Steven Scheid, according to the company. Scheid was named president of Schwab's retail business.

Coghlan will keep his current title and responsibilities in addition to overseeing the mutual fund enterprise, which maintains $312 billion in client assets, according to a spokesperson for Schwab. Other changes include the formation of a new office of the president, which will be made up of David Pottruck, president and co-CEO, and Linnet Deily, former president of the retail enterprise.

The changes were made to keep Schwab focused on client needs and to help support Schwab's growth, according to Charles R. Schwab, chairman and co-CEO.

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