Schwab’s finance chief taking early retirement
Coming off the most profitable year in the stock brokerage’s history, Charles Schwab Corp. is losing its chief financial officer, Christopher Dodds, to early retirement in May.
Dodds’ decision, announced Thursday, comes as a surprise because he is only 47 years old.
Investors have been more concerned about the retirement plans of the San Francisco-based company’s founder and chief executive, Charles Schwab. Although he is 69, Schwab has indicated that he plans to continue running the brokerage this year and beyond.
Dodds said in a statement that he felt more comfortable devoting more time to his personal life because Schwab has been doing so well. The company earned $1.23 billion last year, surpassing its previous record annual profit by more than $500 million.
He will be replaced by Joseph Martinetto, 45, a Schwab executive who has worked closely with Dodds as the company’s current treasurer.
The promotion will become effective after Schwab’s annual meeting May 18.
Schwab shares fell 56 cents to $18.35.
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