Schwab Euro senior VP quits for NTL

Charles Schwab Europe’s senior vice-president and head of commercial development Russ Shaw is leaving the company to join NTL in a senior management role.

Shaw is understood to have taken voluntary redundancy as a result of cost cutting across Charles Schwab’s divisions, which has resulted in about 160 redundancies since April.

As head of commercial development, Shaw has responsibility for overseeing the sales and marketing departments in London, which are responsible for developing the brand across Europe. Before joining Schwab he was vice-president of marketing at American Express.

As Marketing Week went to press Shaw’s specific duties at NTL had not been disclosed but Mike Hounsell, NTL’s group marketing director, will not be affected.

Charles Schwab is the leading online broker in the US and has 200,000 customers in Europe, most of them in the UK. However, the collapse in the value of technology stocks last year saw the company’s trading volumes slashed in half.

Senior staff are also understood to be increasingly frustrated by the US office making decisions about the European business and undermining their authority.

The UK job cuts come on top of 3,000 job losses in the US.

Charles Schwab Europe denies Shaw has taken redundancy.

Comments

    Leave a comment

    Close

    Discover even more as a subscriber

    This article is available for subscribers only.

    Sign up now for your access-all-areas pass.

    Subscribers get unlimited access to unrivalled coverage of the biggest issues in marketing and world-renowned columnists, alongside carefully curated reports and briefings from Econsultancy. Find out more.

    If you are an existing print subscriber find out how you can get access here.

    Subscribe now

    Got a question?

    Contact us on +44 (0)20 7292 3703 or email customerservices@marketingweek.com

    If you are looking for our Jobs site, please click here

    Subscribers get unlimited access to unrivalled coverage of the biggest issues in marketing and world-renowned columnists, alongside carefully curated reports and briefings from Econsultancy. Find out more.

    If you are an existing print subscriber find out how you can get access here.

    Subscribe now