Founder Charles R. Schwab Continues as Chairman and Co-CEO

    SAN FRANCISCO, Dec. 1 /PRNewswire/ -- Charles R. Schwab, Chairman and
Chief Executive Officer of The Charles Schwab Corporation (NYSE: SCH), today
announced the appointment of David S. Pottruck as co-Chief Executive Officer,
reflecting the Company's tremendous growth and its numerous opportunities for
continued expansion.
    Mr. Pottruck, 49, is currently President and Chief Operating Officer of
the Company, as well as a member of its Board of Directors.  Mr. Pottruck will
retain the title of President in addition to co-CEO.  He will also remain CEO
of Charles Schwab & Co., Inc., the Company's brokerage unit and principal
subsidiary.
    Mr. Schwab said his role at the firm will remain unchanged as a result of
the appointment, which is effective January 1, 1998.  In addition to serving
as co-CEO, Mr. Schwab, who is 60, will remain on the Board of Directors and
continue to serve as Chairman.
    "This appointment recognizes the successful partnership that David and I
have enjoyed over the past five years, as well as the significant achievements
of this company under his leadership," said Mr. Schwab.
    "As we grow past $2 billion in revenues and set aggressive goals for
continued growth, David's talents will be more focused on charting our
strategy and carrying our mission of advocacy for individual investors to a
broader audience," said Mr. Schwab, adding that his partnership with
Mr. Pottruck reflects Schwab's 23-year history of teamwork and innovation.
"This is the leadership model I've always employed at this company,
surrounding myself with the best professional managers to accomplish my vision
for our customers."
    Mr. Pottruck joined the firm in 1984 from Shearson/American Express.  In
1988, he was appointed President and Chief Operating Officer of Charles Schwab
& Co., Inc.  He became Chief Executive Officer of this brokerage subsidiary in
1992, the same year he was appointed President of The Charles Schwab
Corporation.  He assumed the additional responsibilities of COO of the Company
and joined its Board of Directors in 1994.
    "Simply put, my mission will be to work with Chuck Schwab to develop the
strategies that express his vision and carry our message to even more
investors," said Mr. Pottruck.  "Our opportunities for continued growth are
tremendous, and together Chuck and I are determined to make sure we continue
our success with strategies that serve investors in new and better ways."
    During Mr. Pottruck's tenure as President, the Company's revenues have
increased nearly threefold, customer assets have grown from $66 billion to
$340 billion and online accounts have more than tripled to one million.  Also
during his tenure, the firm has revolutionized the mutual fund industry with
its Mutual Fund OneSource(TM) service, launched e.Schwab(TM) and
SchwabNOW!(TM), developed industry-leading services for fee-based investment
managers and launched 401(k) plan services.  The Company also acquired
ShareLink Investment Services plc, the United Kingdom's largest discount
broker, and moved further into the international arena with the opening of
entities in Hong Kong and the Cayman Islands.
    In addition to working more closely with Mr. Schwab on the firm's
strategic priorities, Mr. Pottruck will continue to direct the Company's
financial, technology and administrative groups.
    Also reporting to Mr. Pottruck is Timothy F. McCarthy, who was appointed
in September to the position of President and Chief Operating Officer of
Charles Schwab & Co., Inc.  Mr. McCarthy is responsible for all of Schwab's
customer enterprises, including its services for individual investors,
investment managers and institutional clients.
    "Initiating a co-CEO relationship further reflects our effort to organize
ourselves for continued growth by developing and placing executive talent in
increasing levels of responsibility," added Mr. Schwab, noting the similar
relationship he enjoyed with Lawrence J. Stupski, who was President and COO
for more than a decade and served as Vice Chairman from 1992 to 1997.
    At the same time, Mr. Schwab emphasized that as Chairman and co-CEO, he
will continue to be very active in the Company.  "I am as committed as ever to
guiding this firm's continued growth, while ensuring that it remains focused
on the needs of our customers and investors everywhere," he added.
    The Charles Schwab Corporation, through its principal operating subsidiary
Charles Schwab & Co., Inc., is one of the nation's largest financial services
firms, serving 4.7 million active investor accounts with $340 billion in
assets.

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