Charles Schwab & Co. Chief Executive Officer David S. Pottruck resigned Tuesday and was replaced on an interim basis by Charles R. Schwab, the company's founder, who also serves as chairman of the its board of directors.
In a statement delivered along with the company's latest quarterly report, Schwab called his colleague's 20 years of service an invaluable asset toward building the Schwab financial empire. "During his two decades here at Schwab, David has been a valued partner to me and has worked tirelessly to help this company pursue its vision," Schwab said.
Pottruck issued a statement of his own, saying, "The last few years have been difficult in the securities markets, and I accept the board's decision that it's time for me to step aside. It's been a great journey. After taking some time off with my family, I'll start thinking about the next step in my career."
Meanwhile, sales figures slumped 10% to $113 million for the quarter ending June 30 from $126 million from the same period last year. Schwab blamed the dip in profits on "mixed securities market returns, continuing geopolitical uncertainties and other concerns about rising interest rates."