Marie Chandoha, the president and CEO of
Charles Schwab Investment Managements since 2010, will retire at the end of March.
She is being replaced by Jonathan de St. Paer, currently senior vice president of business strategy and product management at
Charles Schwab Investment Management. He was named president of the business unit on Monday and will become CEO upon Ms. Chandoha's retirement next year.
Ms. Chandoha, 57, has been in financial services for more than 30 years and has worked for a number of firms. She started out on a Wall Street trading floor and moved up the ranks to run the bond research department at
Credit Suisse for 10 years.
In 1997, she changed the direction of her career to work in
portfolio management.
During Ms. Chandoha's tenure leading
Charles Schwab Investment Management, the group "has become a market leader in offering low-cost core solutions to investors," wrote spokesperson Erin Montgomery in an email. "CSIM's strategy is clear and consistent, and the enterprise is well-positioned for future growth."
Ms. Chandoha took over
Charles Schwab Investment Management as the current
bull market was in its infancy, and investors were still terrified about the prospects for stocks.
At its low in early March 2009, the Dow Jones Industrial Average was close to 6,500 and the S&P 500 Index was 666. Those indexes have more than quadrupled since then, with the Dow trading near 26,550 and the S&P 2,895.
And Charles Schwab Investment Management has seen clear growth over the period of time.
Under Ms. Chandoha's leadership, the division has grown from $197 billion in assets in September 2010 to $362 billion in August, according to the company. Meanwhile, Core Products and Solutions assets have grown from $46 billion to $232 billion over the same time period.
An
InvestmentNews Woman to Watch
honoree in 2015, Ms. Chandoha spoke of her experience watching people working to succeed.
"What I'm most proud of," said Ms. Chandoha at the time, "is that I built out a lot of teams. Seeing the people in my organizations advance and become leaders sends shivers up my spine."
