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CENTRAL ARIZONA COLLEGE DIRECTOR OF HEALTH INFORMATION MANAGEMENT Administrative & Professional Jorgensen Brooks Group Counselor Health Care Dependable Health Services Physical Therapists Finance and Accounting Charles E. Gillman Company Accounting Specialist Mechanical Komatsu Equipment Co Resident Field Mechanic Health Care Sierra Tucson Eating Disorders Program Coordinator Sales and Marketing Everready Glass Sales Reps BusinessSchwab fires CEO; founder replaces himthe associated press
Tucson, Arizona | Published: 07.21.2004
SAN FRANCISCO - Discount broker Charles Schwab Corp. dumped CEO David Pottruck on Tuesday and replaced him with founder Charles Schwab, hoping the man who created the company can rejuvenate a business that has been sputtering for several years.
The San Francisco-based company made its surprise announcement as it released its second-quarter results. Schwab reported a 10 percent drop in its profit for the three months that ended in June, reversing a recent streak of improved earnings.
Investors seemed pleased with Schwab's shake-up. The company's shares gained 55 cents, or 6.6 percent, to close at $8.85 on the New York Stock Exchange. Entering Tuesday's trading session, the company's market value had plunged by 30 percent this year, a decline that may have contributed to Pottruck's ouster.
Schwab also has been facing tougher competition from aggressive rivals, such as E-Trade Financial Corp. and Ameritrade Holding Corp., that have been luring away customers by lowering commissions.
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