Summary
The Charles Schwab Corporation (SCHW) announced a change to its Board of Directors through an 8-K filing on October 28, 2022. The Board approved an increase in its size from 17 to 18 directors and appointed Carolyn (Carrie) Schwab-Pomerantz to fill the new vacancy. This appointment is effective immediately and she will serve as a member of the Class of 2023, also joining the Risk Committee. Ms. Schwab-Pomerantz, who has a long tenure with the company (39 years) and holds significant leadership roles within its charitable foundations and consumer education initiatives, will continue her management responsibilities until June 2023. After this transition, she will transition to a non-management director role. The filing also notes her familial relationship to the company's founder and Co-Chairman, Charles R. Schwab, and details her compensation structure, which will not change for Board service while she remains in management. The announcement was further detailed in a press release issued on the same date.
Key Highlights
- 1Carolyn (Carrie) Schwab-Pomerantz elected to the Board of Directors, increasing its size to 18 members.
- 2Ms. Schwab-Pomerantz will serve on the Risk Committee of the Board.
- 3She has a long-standing history with the company, with 39 years of employment at Charles Schwab & Co., Inc.
- 4Ms. Schwab-Pomerantz will continue in her current management roles until June 2023, after which she will serve as a non-management director.
- 5She is the daughter of Charles R. Schwab, the company's Co-Chairman and founder.
- 6Her current compensation is detailed, and she will not receive additional compensation for Board service while remaining in a management position.