Management Shake-Up at Schwab

Charles Schwab Corp. said Tuesday that Vice Chairman Steven L. Scheid will become president of its retail business, succeeding Linnet F. Deily, who will join a newly created office of the president to focus on strategy at the biggest online brokerage.

Chris Dodds, Scheid’s successor last year as chief financial officer, will now report directly to Schwab President and co-Chief Executive David S. Pottruck instead of Scheid.

“Schwab’s management shuffle indicates how deep their bench is and is a proactive step toward getting different senior executives different kinds of experience,” said Amy Butte, analyst with Bear Stearns Cos. She said she didn’t think the moves indicated any planned succession.

Pottruck, 52, has been co-CEO with founder and Chairman Charles Schwab, 63, since early 1998.

Also Tuesday, the San Francisco-based company, which reports quarterly and monthly results later this month, said it’s adding $2 billion of net new assets a week. That’s down from almost $3 billion a week in its second quarter.

In other moves, Dawn G. Lepore, vice chairman and chief information officer, will also run the newly formed global wireless trading business, and John P. Coghlan, another vice chairman and head of Schwab’s institutional money management business, will oversee Schwab’s mutual funds business, which had reported to Scheid.

Schwab shares fell $1.44 to close at $33.56 on the New York Stock Exchange.