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San Francisco Stock Broker Charles Schwab Recovering From Heart Surgery

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(CBS)

(CBS)

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SAN FRANCISCO (AP) — Charles Schwab, the founder and chairman of discount brokerage Charles Schwab Corp., is recuperating after undergoing successful heart valve replacement surgery on Friday.

CEO and President Walt Bettinger said Monday that the 73-year-old Schwab is “resting comfortably and recuperating well” and is expected to return home in the next few days.

Schwab founded the San Francisco-based company in 1971 as a traditional brokerage, and in 1974 shifted to the lower-fee discount brokerage model. The company now has more than 300 offices, with 8 million client brokerage accounts and $1.5 trillion in client assets.

Schwab has served as chairman since 1986. He also led the company as CEO and co-CEO nearly continuously from 1986 until October 2008.

Shares rose 8 cents to $17.10 in morning trading.

(© CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed. The Associated Press contributed to this report)

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