Charles R. Schwab Will Share His CEO Title

The founder of Charles Schwab Corp. has decided to share the chief executive’s title. David Pottruck, president and chief operating officer of the San Francisco-based discount broker, will get the additional title of co-chief executive starting Jan. 1. However, Charles R. Schwab will continue as chairman, and Pottruck will continue to report to him. Schwab, 60, stressed the move should not be considered as a step toward his own retirement. He has said in the past that he may never retire. Schwab has recently focused on broad strategic matters, functioning more as the company’s chief visionary than as its chief manager. He has lately devoted much of his time to writing a book for novice investors, entitled “Simple Solutions for Busy People,” which will be published in February. Pottruck has been in charge of all daily operations. Schwab shares rose 38 cents to close at $40.69 on the New York Stock Exchange.