Walter W. Bettinger II
Also at Charles Schwab Corp
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
| 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
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 |