The executive roster at the
Jerry Chafkin, formerly head of the investment management division, has become head of investment advice and products, a newly created position. Jeffrey Lyons replaces Chafkin, becoming executive VP of Schwabs asset management products and services enterprise. The division includes mutual funds, managed accounts, annuities and insurance products, and mutual fund clearing services.
Lyons had been executive VP of Schwabs mutual fund enterprise prior to his promotion.
Chafkins appointment is part of Schwabs effort to boost its retail business and emphasize its advice-giving capabilities. "Were moving forward to develop new tools and new advice products and we want to provide our clients with the confidence to go forward and make solid investments. We already have the advice capabilities, but hes heading up that piece of it," said Schwab spokesman Mo Shafroth.
Beth Sawi, chief administrative officer, will retire from Schwab during the first half of 2002. Dawn Lepore, formerly vice chairman and CIO, has taken over Sawis role with the new title of vice chairman of technology and administration. Lepore will continue reporting to co-CEO Dave Pottruck as Sawi assists in the executive transition.
Geoff Penney, executive VP, has taken over Lepores duties as CIO, reporting to Sawi. In addition, Schwab has hired Mary McLeod, formerly VP of human resources at CISCO Systems, as executive VP of human resources.