Schwab said its board on July 24, 2024 appointed Michael Verdeschi to succeed Peter B. Crawford as Managing Director and Chief Financial Officer, effective October 1, 2024.

1. 01

   Schwab said its board on July 24, 2024 appointed Michael Verdeschi to succeed Peter B. Crawford as Managing Director and Chief Financial Officer, effective October 1, 2024.

2. 02

   The company said Verdeschi, 56, has served as Managing Director and Deputy Chief Financial Officer since May 2024. Before joining the company, he spent over 30 years at Citigroup, Inc., serving as Treasurer from 2017 to October 2023.

3. 03

   The company said Verdeschi is eligible for an annual base salary of $900,000, a target annual bonus for 2024 equal to 250% of his base salary, pro-rated for his employment during 2024, relocation benefits of up to $429,000, and an annual equity award for 2025 with a target of $4.35 million.

4. 04

   Schwab said it granted Verdeschi an initial award of 59,849 restricted stock units on June 2024, which vest ratably over 4 years. It also said there is no other arrangement or understanding related to his appointment, no family relationship with any director or executive officer, and no reportable transactions.

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