09:29 AM EDT, 05/16/2024 (MT Newswires) -- (Updates with additional details in the headline and the last two paragraphs.)

The Charles Schwab Corporation ( SCHW ) announced Thursday that Chief Financial Officer Peter Crawford has decided to retire, and he will be succeeded by Mike Verdeschi, who will join the company on May 20 as deputy chief financial officer.

Schwab said it expects to appoint Verdeschi as CFO following a transition period. He will join the company from Citigroup ( C ) , where he most recently served as the treasurer, the company added.

Additionally, Chief Operating Officer Joe Martinetto will transition to the role of executive chairperson of the Schwab Banks, effective June 28, the company said.

Charles Schwab ( SCHW ) also said it will not appoint a new COO at this time.

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