- After ten years on the job
- Laud, praise and thanks for Martinetto
- Peter Crawford taking over
- Martinetto will remain as senior executive vice president at Charles Schwab
(management-change.com) — San Francisco, California, January 26, 2017 — Joe Martinetto, finance chief of The Charles Schwab Corporation, leaves the position. As announced by The Charles Schwab Corporation in a news release on Thursday, January 26, 2017, Joseph R. (Joe) Martinetto leaves the post as chief financial officer at the provider of financial services after ten years on the job, effective May 16, 2017.
It is the end of an era.
Martinetto’s duties are taken over by Peter Crawford, currently executive vice president of finance at The Charles Schwab Corporation.
“Working together towards this transition since the middle of 2015”
The management change is explained as follows. Martinetto said: “Peter and I have been working together towards this transition since the middle of 2015.”
The Charles Schwab Corporation said: “Peter Crawford, Schwab’s executive vice president of finance and a 16-year veteran of the company, will succeed Joseph R. Martinetto as the company’s chief financial officer, effective May 16 following Schwab’s annual stockholders meeting”.
Martinetto will remain as senior executive vice president at Charles Schwab
Martinetto, who marks his 20th anniversary with Schwab this year, will continue as senior executive vice president at Schwab, reporting to President and CEO Walt Bettinger and maintaining oversight of several functions including: the company’s banking, technology and operations units; its real estate and corporate development and strategy teams; and community services.
Martinetto will also continue serving on the company’s executive council, as a trustee of the Schwab Family of Mutual Funds and Exchange Traded Funds, and as a member of the boards of Charles Schwab Bank and Charles Schwab & Co, Inc.
Share price rise since October 2012
The change follows a rise in the share price of The Charles Schwab Corporation since October 2012.
Chaired by Charles R. Schwab
The Charles Schwab Corporation is chaired by Charles R. Schwab.
Schwab, age 78, has been Chairman and a director of The Charles Schwab Corporation since its incorporation in 1986.
On the job as CFO since 2007
Martinetto has been the Chief Financial Officer of The Charles Schwab Corporation since May 18, 2007 and served as its Executive Vice President since 2007 until July 2015.
Martinetto is responsible for the core financial functions of financial planning & analysis, Treasury, the controllership, Investor Relations and corporate real estate.
He is also responsible for corporate development and strategy, technology services, operations, information security and Schwab Bank.
Martinetto joined Schwab in 1997 as senior vice president and Treasurer.
While he assumed the role of senior vice president of retail finance in 2001, Martinetto returned to the Treasury role in 2003, assuming incremental responsibility for financial planning & analysis and management information systems.
He became the company’s Chief Financial Officer in 2007.
Prior to joining Schwab, Martinetto was senior assistant treasurer at Transamerica Corporation and senior vice president of Transamerica Finance Corporation.
He oversaw the asset/liability management function for Transamerica, as well as managing the derivative and foreign exchange activities, capital and liquidity planning, and rating agency relationships.
From 1984 until 1996, Martinetto worked at First Interstate Bancorp in a variety of positions, including several years in Treasury as vice president and manager of long-term funding. At the time of First Interstate’s acquisition, he was senior vice president and manager of the asset and liability management department.
Martinetto has a Bachelor of Arts degree in mathematics and economics from Claremont McKenna College and a Master of Business Administration degree from the University of California, Berkeley.
Read the full story in the management-change.com report 05.2017 ($).