San Francisco (July 21, 2004) – After announcing a 10 percent drop in earnings for the second quarter Tuesday, discount brokerage Charles Schwab also announced that chief executive David S. Pottruck would be stepping aside in favor of company founder and chairman Charles R. Schwab.
Pottruck, who had served as co-CEO with Schwab from 1998 to 2003, was not due to step down until 2006. “The last few years have been difficult in the securities markets,” he said in a statement, “and I accept the board’s decision that it’s time for me to step aside.”
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