Ex-Schwab CEO Bettinger re-emerges at buyout firm CD&R

Ex-Schwab CEO Bettinger re-emerges at buyout firm CD&R
The PE giant is tapping him to advise on investment opportunities in the financial services and technology sector.
MAR 31, 2025
By  Bloomberg

Clayton Dubilier & Rice has hired Walt Bettinger, the former chief executive officer of Charles Schwab Corp., as one of Wall Street’s oldest private equity firms continues to tap the expertise of veteran business leaders.

Bettinger, who left Charles Schwab last year after leading it for more than 15 years, will join CD&R as a senior adviser. He’s tasked with helping to identify investment opportunities in the financial services and technology sector for CD&R, he said in an interview.

“What appealed to me was the firm’s focus on operational excellence,” Bettinger said. “The fact that around 80% of the value that the firm has generated over the years has been through operational improvement, is quite distinct.”

Bettinger will continue to serve on Schwab’s board of directors as executive co-chairman. The firm’s namesake, Charles “Chuck” Schwab, is the other co-chairman. 

CD&R, which was established in 1978, has been hunting for deals after raising a record $26 billion buyout fund in 2023. Unlike some of its peers who are branching out to other areas like private credit and infrastructure, the firm has stuck with its focus on buyout transactions.

Last year, CD&R agreed to buy a controlling stake in Sanofi SA’s consumer health unit, in a deal that valued the business at about €16 billion ($17 billion). It also teamed up with Stone Point Capital to buy Truist Financial Corp.’s insurance brokerage unit in a deal valuing the business at $15.5 billion. 

The insurance, wealth and retirement sectors are the focus for CD&R’s financial services vertical, according to David Winokur, who joined CD&R as a partner in 2022 to establish and build that business.

“Given the massive wealth transfer that is taking place and the accumulation of wealth in an aging society, this is going to be a key area for us to invest in,” Winokur said. “The technology sector is increasingly entrenched with financial services, and there is still a tremendous opportunity to use technology to enhance value in the industry.”

At CD&R, Bettinger will be part of a senior adviser cohort that includes James McNerney, the former CEO of Boeing Co. and 3M Co., as well as the former head of UK supermarket chain Tesco Plc, Terence Leahy. The buyout firm also has a roster of former senior business executives who help to improve the operational performance of the companies that it owns.

“Over the last 10 to 15 years, we have made a major push into investing in sectors like financial services, technology and tech-enabled services,” Winokur said. “It’s important for us that our senior advisers talent reflects individuals with deep experience and expertise in that space.”

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