Schwab Promotes Asset Management Head Rick Wurster to President

(Bloomberg) -- Charles Schwab Corp. named Rick Wurster president, conferring the title on one of Chief Executive Officer Walt Bettinger’s top deputies. 

Wurster will take on the role starting Oct. 15, the firm said in a statement Tuesday. Bettinger currently holds the title.

A nearly six-year veteran of the Westlake, Texas-based company, Wurster runs Schwab Asset Management, the arm of the business that oversees Schwab funds and exchange-traded funds. Wurster previously worked at Wellington Management for a decade, where he was a portfolio manager, and McKinsey & Company, where he led the asset management practice.

“Rick is an exceptional executive and leader and I am thrilled to continue working with him in his expanded role,” Bettinger said in the statement. 

Schwab oversaw about $7.8 trillion in overall client assets as of Aug. 31. 

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