Schwab Realigns Management Duties

Discount broker Charles Schwab Corp. said it realigned duties of its top managers in order to match resources with its fastest-growing business segments. Schwab said Steven Scheid, executive vice president and chief financial officer, will lead an expanded unit that will include the mutual funds business, brokerage operations, risk and credit operations and a new consumer products group. Linnet Deily, head of services for investment managers, has been named president of the Schwab retail group. John Coghlan will continue to head retirement plan services and will gain a new role running the company’s investment manager business, Schwab said. San Francisco-based Schwab said Luis Valencia, executive vice president and chief administrative officer, will be responsible for Schwab International. Schwab stock dipped 25 cents to close at $35 on the New York Stock Exchange.