Schwab's New CIO - InformationWeek

InformationWeek is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them.Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

IoT
IoT
News

Schwab's New CIO

Geoff Penney, who will replace Dawn Lepore as CIO next month, sums up his feelings about the new job: "I'm very excited, very honored--and a little nervous."

Geoff Penney, who will replace Dawn Lepore as CIO at the Charles Schwab Corp. next month, sums up his feelings about the new job with candor: "I'm very excited, very honored--and a little nervous."

Penney has every reason to be a little nervous. His appointment comes during a difficult time for the financial-services firm, and he'll take over management of day-to-day IT operations from an exec who's widely known in the industry for fostering technologies that helped rank Schwab as the leading online brokerage firm.

Schwab said last week that Lepore--InformationWeek's Chief of the Year for 2000--will become vice chairman of technology and administration. While Lepore will continue to oversee technology at the senior-executive level, she'll also gain oversight of administrative functions such as human resources, legal, payroll, facilities, and corporate communications--functions that were managed by retiring chief administration officer Beth Sawi. Schwab has cut budgets and its workforce this year and doesn't plan to replace Sawi. "I get to stay involved with new technologies and learn some new things, so it's the best of both worlds from my perspective," Lepore says about her new role.

Penney, who still reports to Lepore, is charged with continuing and expanding the customer-focused initiatives spearheaded by Lepore and Schwab president and co-CEO David Pottruck, who shared the InformationWeek Chief of the Year title with Lepore. Schwab will expand its services and technologies for independent investment advisers in the coming year and is planning new online tools for investors.

Penney, who remains an executive VP at the firm, has worked with Lepore since joining Schwab five years ago. His first job with Schwab was managing the financial products and international technology division, and more recently he was manager of client technology. In that role, Penney oversaw development of Web sites and software used by investors. Penney previously served as a senior VP for Fidelity Investments in Boston and managing director for Bankers Trust Co. in London and New York. Says Penney of his the new job, his first as a CIO: "I've pretty much always worked in financial services, but I'm a technologist through and through."

We welcome your comments on this topic on our social media channels, or [contact us directly] with questions about the site.
Comment  | 
Print  | 
More Insights
State of the Cloud
State of the Cloud
Cloud has drastically changed how IT organizations consume and deploy services in the digital age. This research report will delve into public, private and hybrid cloud adoption trends, with a special focus on infrastructure as a service and its role in the enterprise. Find out the challenges organizations are experiencing, and the technologies and strategies they are using to manage and mitigate those challenges today.
News
COVID-19: Using Data to Map Infections, Hospital Beds, and More
Jessica Davis, Senior Editor, Enterprise Apps,  3/25/2020
Commentary
Enterprise Guide to Robotic Process Automation
Cathleen Gagne, Managing Editor, InformationWeek,  3/23/2020
Slideshows
How Startup Innovation Can Help Enterprises Face COVID-19
Joao-Pierre S. Ruth, Senior Writer,  3/24/2020
Register for InformationWeek Newsletters
Video
Current Issue
IT Careers: Tech Drives Constant Change
Advances in information technology and management concepts mean that IT professionals must update their skill sets, even their career goals on an almost yearly basis. In this IT Trend Report, experts share advice on how IT pros can keep up with this every-changing job market. Read it today!
White Papers
Slideshows
Twitter Feed
Sponsored Live Streaming Video
Everything You've Been Told About Mobility Is Wrong
Attend this video symposium with Sean Wisdom, Global Director of Mobility Solutions, and learn about how you can harness powerful new products to mobilize your business potential.
Sponsored Video
Flash Poll