Schwab's head of retail branches leaves company

NEW YORK Tue Nov 6, 2012 3:40pm EST

NEW YORK Nov 6 (Reuters) - The head of Charles Schwab Corp's retail branch network, Jeffrey Carney, has left the company, citing family reasons, less than eight months after taking the job, according to a Schwab spokeswoman.

"His decision to leave Schwab reflects a change in priorities for his family, choosing to remain on the East Coast rather than relocate to the Bay Area," said Schwab spokeswoman Alison Wertheim.

Investment News reported the move earlier on Tuesday.

Andrew Salesky, who heads the San Francisco-based brokerage's independent branch services (IBS), has been named the new leader of the branch network, and will continue as head of IBS until a replacement is found.

Carney, who lives in Boston, joined Schwab at the end of March from Putnam Investments, where he was the global head of marketing since 2008.

Carney had been seen as a rising star at Putnam, where he was instrumental in promoting the firm's absolute return funds, launched in December 2008.

Prior to Putnam, Carney was at Bank of America, where he was head of the firm's retirement and global wealth investment management division.

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