named Walt Bettinger as its president and COO.
Bettinger, 46, is currently an executive vice president and head of Schwab's investor services, the unit that provides investment services to individuals and corporate customers.
Dave Pottruck, Schwab's former co-CEO, was the last executive to hold the title of president. Pottruck left the firm in 2004.
As president and COO, Bettinger will oversee the San Francisco brokerage's operating businesses, which includes Schwab Institutional, Schwab Corporate and Retirement Services as well as the firm's mutual funds, banking and technology.
Bettinger will report to Chuck Schwab, the brokerage firm's founder, chairman and CEO, where he will work closely with him on strategic initiatives, the company says. His promotion is effective immediately.
Bettinger is a 12-year veteran of Schwab. He joined the firm in 1995 when Schwab acquired his retirement plan servicing firm, The Hampton Co.
Last month, Schwab CFO Christopher Dodds stepped down after eight years in the position. The firm appointed Joseph Martinetto, Schwab's senior vice president and treasurer, to replace Dodds.
Dodds, 47, will remain in his job until May 18.