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Schwab Shuffles the Deck

The executive roster at the Charles Schwab Corp. has undergone some recent changes affecting its mutual fund division and corporate management.

Jerry Chafkin, formerly head of the investment management division, has become head of investment advice and products, a newly created position. Jeffrey Lyons replaces Chafkin, becoming executive VP of Schwab's asset management products and services enterprise. The division includes mutual funds, managed accounts, annuities and insurance products, and mutual fund clearing services.

Lyons had been executive VP of Schwab's mutual fund enterprise prior to his promotion.

Chafkin's appointment is part of Schwab's effort to boost its retail business and emphasize its advice-giving capabilities. "We're moving forward to develop new tools and new advice products and we want to provide our clients with the confidence to go forward and make solid investments. We already have the advice capabilities, but he's heading up that piece of it," said Schwab spokesman Mo Shafroth.

Beth Sawi, chief administrative officer, will retire from Schwab during the first half of 2002. Dawn Lepore, formerly vice chairman and CIO, has taken over Sawi's role with the new title of vice chairman of technology and administration. Lepore will continue reporting to co-CEO Dave Pottruck as Sawi assists in the executive transition.

Geoff Penney, executive VP, has taken over Lepore's duties as CIO, reporting to Sawi. In addition, Schwab has hired Mary McLeod, formerly VP of human resources at CISCO Systems, as executive VP of human resources.