Back to the Future?

Published Tuesday, July 20, 2004

Charles Schwab’s decision to replace David Pottruck as its CEO is, at its heart, an ironic statement on the firm’s commitment to his business philosophy. Pottruck, who spent nearly 20 years with the firm, is legendary for his impassioned preaching about the need for reinvention, the importance of shaking things up. He aimed to turn the company from a discount broker into an operation that could serve all kinds of customers, ranging from do-it-yourselfers with limited budgets to wealthy families requiring complicated estate planning and constant hand-holding. Under his guidance, Schwab also moved into other non-core business such ...

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