Walter W. Bettinger II

Co-Chairman of the Board, CEO at SCHWAB CHARLES

Board

Since 2008

Age

64 years

Tenure

Joined SCHW in 1995 through the acquisition of a company he founded in 1983, and has held multiple leadership roles including Executive Vice President, President, Chief Operating Officer, Chief Executive Officer since 2008, and Co-Chairman of the Board since 2022.

Also at SCHWAB CHARLES

JMC

Jonathan M. Craig

Managing Director, Head of Investor Services and Marketing

Michael Verdeschi

Managing Director, CFO

NJM

Nigel J. Murtagh

Managing Director, Chief Risk Officer

About

Walter W. Bettinger II was born in 1960 and is currently 64 years old as of December 31, 2024. He began his entrepreneurial journey by founding a retirement plan services company in 1983, which later became the catalyst for his entry into Schwab in 1995 through an acquisition.

Over the course of his nearly 30-year tenure at Schwab, he has progressed through several key roles. Starting with his appointment as an executive in various capacities, his career advanced from positions such as Executive Vice President and President of multiple divisions, to serving as Chief Operating Officer between 2007 and 2008, and ultimately being named Chief Executive Officer in 2008.

In addition to his role as CEO, he assumed the position of Co-Chairman of the Board in 2022, reinforcing his long-standing commitment and leadership within the organization. His broad responsibilities have included strategic oversight, enhancing operational performance, and serving as a trustee for various Schwab-affiliated investment funds, underscoring his extensive influence in shaping the firm’s direction and success.

$SCHW Performance Under Walter W. Bettinger II

Past Roles

Organization	Role	Date Range	Details
The Charles Schwab Corporation	President	2008–2021	Ended upon promotion to Co-Chairman/CEO
The Charles Schwab Corporation	Chief Operating Officer	2007–2008	Held prior to the presidency
The Charles Schwab Corporation	Executive Vice President and President – Schwab Investor Services	2005–2007
The Charles Schwab Corporation	Executive Vice President and Chief Operating Officer – Individual Investor Enterprise	2004–2005
The Charles Schwab Corporation	Executive Vice President and President – Corporate Services	2002–2004
The Charles Schwab Corporation	Executive Vice President and President – Retirement Plan Services	2000–2002
The Hampton Company	Founder & Leader	1983–1995	Company was acquired by Schwab in 1995

External Roles

Organization	Role	Date Range	Details
The Charles Schwab Family of Funds	Trustee	Current	Registered investment company affiliated with SCHW
Schwab Investments	Trustee	Current	Registered investment company affiliated with SCHW
Schwab Capital Trust	Trustee	Current	Registered investment company affiliated with SCHW
Schwab Annuity Portfolios	Trustee	Current	Registered investment company affiliated with SCHW
Laudus Trust	Trustee	Current	Registered investment company affiliated with SCHW
Schwab Strategic Trust	Trustee	Current	Registered investment company affiliated with SCHW

Fixed Compensation

Data from FY 2023

Component Name	Amount	Payment Schedule	Additional Details
Base Salary	$1,500,000	Annual	Effective as of February 27, 2023; no increase from previous year
All Other Compensation	$17,710	Annual	Includes various forms of other compensation

Performance Compensation

Data from FY 2023

Annual Cash Incentive

Metric	Details
Performance Metric	Adjusted diluted EPS
Threshold	50% of target adjusted diluted EPS goal
Target	100% of target adjusted diluted EPS goal
Maximum (Cap)	200% of target adjusted diluted EPS goal
Actual Adjusted Diluted EPS	$3.13
Funding Level	72.96%
Target Annual Cash Incentive %	375% of Base Salary
Target Annual Cash Incentive	$5,625,000
Actual Annual Cash Incentive	$4,104,000

Performance-Based Restricted Stock Units (PBRSUs)

Metric	Details
Performance Metric	ROTCE (excluding AOCI) divided by Cost of Equity
Performance Period	January 1, 2023 – December 31, 2025
Payout Range	0% to 200% of target award
Condition (Threshold)	< 100% ROTCE/COE results in 0% payout
Intermediate Payout	100%-199.9% results deliver 50%-100% payout
Fixed Payout Level	200%-600% yields 100% payout
Enhanced Payout	>600% up to 800% yields 100%-200% payout
Full Payout	>800% yields 200% payout
Grant Date	March 1, 2023
Grant Date Fair Value	$10,950,000
Grant Date Stock Price	$77.41
Vesting Schedule	100% vesting on the third anniversary (March 1, 2026)

Stock Options

Metric	Details
Grant Date	March 1, 2023
Grant Date Fair Value	$7,300,000
Grant Date Stock Price	$77.41 per share
Vesting Schedule	Four equal annual installments starting on March 1, 2024
Expiration Date	March 1, 2033
Performance Metric	Time-based; not tied to performance outcomes
Proportion of Total LTI Award	40% of a total LTI award of $18,250,000

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