Schwab's branch network chief departs

Jeff Carney, head of the Charles Schwab Corp.'s branch network, has left the firm. He joined Schwab only 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. Employees were told yesterday of his departure, she wrote. Andrew Salesky has been named the new leader of the branch network. He has been head of Schwab's Independent Branch Services unit, which franchises Schwab branch offices to independent contractors. 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.