Schwab retail unit gets new chief

The Schwab executive recognized as most responsible for the success of Schwab Institutional has been tapped to head the parent company’s retail division effective July 8.

John Philip Coghlan, vice chairman of Charles Schwab Corp. and enterprise president of Schwab Institutional, takes over the position that president and co-CEO David S. Pottruck had filled on an interim basis since the February resignation of vice chairman Steven L. Scheid.

“It’s about time,” says Ward Harris, who worked for Mr. Coghlan for five years and now advises the financial industry as managing principal of McHenry Consulting Group in Berkeley, Calif. “They’ve been dealing with recycled retail people or retail wannabes while John has been sitting on the bench.”

Mr. Harris adds that Mr. Coghlan is the best person Schwab could hire to integrate U.S. Trust Corp. and to maximize the effectiveness of the advisory branches. He also sees the move as good for Schwab’s affiliated advisers because “he knows the value they bring.”

Eventually, he believes, independent advisers will have real pull at the very top. “Somebody’s got to take Chuck’s spot, and that’s Dave,” he says. “Somebody’s got to take Dave’s spot, and that’s John.”

William Atwell takes over Mr. Coghlan’s duties at Schwab Institutional. Mr. Atwell came to Schwab in August 2000 to head its banking and international efforts, and he will retain those duties.

Mr. Atwell was formerly responsible for sales and health-maintenance-organization operations for CIGNA HealthCare in Bloomfield, Conn.