Charles Schwab's retail head and marketing chief are out - and the firm's still figuring out what's next
- Charles Schwab's executive vice president of investor services, Terri Kallsen, and its chief marketing officer, Andy Gill, are leaving the firm, Business Insider has learned.
- Jonathan Craig, a senior executive vice president, will lead investor services and marketing while the firm figures out a new structure, a Schwab spokeswoman said.
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Charles Schwab is shaking up its retail arm and two key executives are leaving the firm, Business Insider has learned.
Terri Kallsen, executive vice president, investor services, and Andy Gill, Schwab's chief marketing officer, are out, Charles Schwab spokesperson Mayura Hooper confirmed to Business Insider on Tuesday.
The shakeup comes just over a week after the Wall Street Journal reported that Schwab was in talks to move further into wealth management by buying USAA's brokerage and wealth operations, which would bring Schwab some $100 billion in assets.
Jonathan Craig, a senior executive vice president, will lead investor services and marketing while the firm determines a new organizational structure, Hooper said. Craig had served as a senior vice president for investor services, advisor services, retirement plan services, and marketing at the firm, per Schwab's website.
The brokerage's restructuring and key departures also come as the broader wealth management and investing landscapes shift; digital entrants are creating a crowded space, and clients' fees are broadly headed to zero as competition ratchets up.
Kallsen came to Schwab in 2012. She was previously USAA's senior vice president of wealth management, according to her bio on Schwab's website.
As head of investor services at Schwab, Kallsen was responsible for driving growth and increasing retail client loyalty, according to the firm's website. She also managed other areas including Schwab's branch network, independent branch services, client service, wealth management, and financial planning.
Previously at Schwab, Kallsen led the branch network and was senior vice president of portfolio consulting.
Gill, the outgoing marketing chief, has been with Charles Schwab for 18 years. According to Schwab's website, he was responsible for building the firm brand and fueling growth through outreach to current and prospective clients. He also oversaw Schwab's data solutions.
Schwab has two segments - investor services, which houses retail brokerage and banking for individuals as well as retirement plan and other services to businesses, and the advisor services unit, which offers custody and other support services to RIAs and independent retirement advisors.
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