Schwab ousts Pottruck

SAN FRANCISCO, July 20 (UPI) -- The board of Charles Schwab in San Francisco Tuesday ousted Chief Executive Officer David S. Pottruck and reappointed founder Charles R. Schwab.

Schwab also will continue to serve as chairman.

Pottruck, a Schwab veteran of 20 years who served as president since 1992, had been named co-CEO with Schwab in January 1998 and became sole CEO in 2003.

"The last few years have been difficult in the securities markets, and I accept the board's decision that it's time for me to step aside," Pottruck said.

Pottruck's resignation takes effect immediately.