As Schwab Reshuffles, Architect of OneSource Retires

In yet another senior management change, Charles Schwab & Co. executive Tom Decker Seip, architect of the wildy popular OneSource mutual fund market, is retiring, the company said Thursday.

Mr. Seip, who also oversaw Schwab's international business, is the third high-level executive to step down at the San Francisco brokerage firm since December, when David S. Pottruck was named co-chief executive, with Charles Schwab.

Lawrence J. Stupski, a vice chairman, retired in December, while Tim McCarthy, president of the brokerage unit, left in April.

Another senior manager, Beth Sawi, is expected to take a sabbatical, a company spokeswoman said.

Mr. Seip, a 15-year veteran of Schwab, said that the senior departures are all unrelated, and that he wants to spend time with his family.

His retirement was announced with several other management changes at the firm that saw three former bankers win senior roles.

Linnet F. Deily, a former chief executive of First Interstate Bancorp in Texas, was promoted to president of Schwab's broker-dealer's retail group, a new position.

Ms. Deily, who previously headed investment management at Schwab, will be succeeded by John Philip Coghlan.

Steven L. Scheid, also a First Interstate veteran, was named to head Schwab's mutual fund, brokerage, risk, and credit operations.

He will retain his current role as chief financial officer, said the spokeswoman.

Luis E. Valencia, chief administrative officer, was named head of Schwab's international area. Before joining Schwab in 1994, Mr. Valencia was president and chief executive officer of Citicorp Savings.

A Schwab spokeswoman said there were no "losers" in Thursday's changes and the company is sad to lose Mr. Seip.

The changes reflect a movement away from pure discount brokerage to full-service advisory approach, she said.

"We're trying to really recreate what full-service is all about."