Charles Schwab & Co. has named a replacement for Steven Scheid, former vice chairman and president of retail, who resigned in February. John Coghlan, executive vice president, Schwab Institutional, has been promoted to vice chairman and enterprise president. Since 1987, Coghlan has led Schwab Institutional, which serves registered investment advisers and defined contribution plans. Coghlan will assume his new responsibilities on July 8. Co-CEO Dave Pottruck had been acting as interim vice chairman.
"Coghlan will bring institutional knowledge to the retail side," said Lance Berg, a company spokesman. "I think you'll see the company do an even better job at serving affluent investors here at Schwab."