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SCHWAB CHARLES CORP 8-K Report, Executive Changes (Jul 25, 2024)

Reports
Leadership Changes
Filing Date
Filed July 25, 2024
Period End
July 24, 2024
In the record · 2016–202610-K1110-Q328-K135

SCHW filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 135 current reports (8-K) between 2016 and 2026.

  1. Deal closed8-K · Oct ’20Oct ’20
  2. Leadership change8-K · May ’22May ’22
  3. Leadership change8-K · Jan ’26Jan ’26

01—Abstract

Summary

Summary of the 8-K filed July 25, 2024. Cited figures are marked; the original filing is the authoritative source.

The Charles Schwab Corporation (SCHW) has announced a significant leadership change in its finance department.

Effective October 1, 2024, Michael Verdeschi will assume the role of Managing Director and Chief Financial Officer, succeeding Peter B. Crawford. Mr. Verdeschi brings extensive experience, having most recently served as Deputy CFO for Schwab since May 2024 and prior to that, spent over 30 years at Citigroup in various senior financial roles, including Treasurer and Chief Investment Officer.

This transition appears to be well-planned, with Mr. Verdeschi already integrated into the company's leadership as Deputy CFO. Investors should note the compensation package for Mr. Verdeschi, which includes a $900,000a base salary, a 250% target annual bonus, substantial relocation benefits, and a significant annual equity award for 2025. The appointment is not tied to any undisclosed arrangements, and Mr. Verdeschi has no reportable related-party transactions, suggesting a standard leadership succession.

02—Key points

Key Highlights

  1. Michael Verdeschi appointed as new CFO, effective October 1, 2024, replacing Peter B. Crawford.
  2. Verdeschi has prior experience at Schwab as Deputy CFO since May 2024.
  3. Extensive prior experience at Citigroup, including roles as Treasurer and Chief Investment Officer.
  4. New CFO's compensation includes a $900,000 base salary and a 250% target annual bonus.
  5. Significant annual equity award for 2025 targeted at $4.35 million.
  6. Relocation benefits of up to $429,000 are provided.
  7. No undisclosed arrangements or related-party transactions noted for the new CFO.

03—Questions

Frequently Asked Questions

  1. Who is the new Chief Financial Officer at Schwab and when does the transition take effect?

    Michael Verdeschi has been appointed as the new Managing Director and Chief Financial Officer, effective October 1, 2024. He will succeed Peter B. Crawford.

  2. What is Michael Verdeschi's background and experience?

    Mr. Verdeschi has served as Schwab's Deputy CFO since May 2024. Prior to that, he had a 30+ year career at Citigroup, where he held senior positions such as Treasurer and Chief Investment Officer.

  3. What is the compensation package for the new CFO?

    Mr. Verdeschi's compensation includes an annual base salary of $900,000, a target annual bonus of 250% of his base salary, relocation benefits up to $429,000, and an annual equity award for 2025 with a target of $4.35 million. He also received an initial equity grant of 59,849 restricted stock units in June 2024.

  4. Are there any concerns regarding related-party transactions or undisclosed agreements with the new CFO?

    No, the filing states that Mr. Verdeschi was not appointed pursuant to any undisclosed arrangement, has no family relationships with directors or executive officers, and has no material direct or indirect interest in any transactions requiring disclosure.

04—Continue

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