Schwab chief of retail exits after 7 months

Putnam alum Carney decides not to move to the West Coast

Nov 11, 2012 @ 12:01 am

By Dan Jamieson

Jeff Carney quit last week as head of The Charles Schwab Corp.'s branch network.

He joined Schwab seven months ago from Putnam Investments, where he was head of marketing.

“Jeff's decision to leave Schwab reflects a change in priorities for his family, choosing to remain on the East Coast rather than relocate to the [San Francisco] Bay Area,” Schwab spokeswoman Alison Wertheim wrote in an e-mail.

Andrew Salesky has been named the new leader of the branch network. He was head of Schwab's Independent Branch Services unit, which franchises Schwab branch offices to independent contractors.

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Schwab has about 300 retail branches nationwide.

The IBS unit will continue to report to Mr. Salesky on a temporary basis until a new leader for the franchise operation is named, Ms. Wertheim wrote.

The development adds to the turmoil in the executive ranks at Schwab's individual-investor business.

In February, Andrew Gill and John Clendening took over as co-heads of that business when the previous chief, Benjamin Brigeman, left for what were described as personal reasons.

Mr. Carney, who reported to Mr. Gill, took over as head of branches at the end of March, replacing Lisa Hunt, who took on a new role as executive vice president for international and special-business development at Schwab.

djamieson@investmentnews.com Twitter: @dvjamieson

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