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Over Dave’s 20-year tenure at Schwab—initially as executive vice president of marketing, then as president and COO, co-CEO with Chuck Schwab, and CEO—the company’s assets in custody grew from $5 billion to over $1 trillion and the equity value of Schwab grew from roughly $50 million to approximately $16 billion. Enormous numbers, made possible by future-facing innovations on all levels. During Dave’s leadership, Schwab refocused its business model entirely on the internet, a radically transformative move that drove the company’s explosive growth. Schwab also led a reinvention of the no-load mutual fund industry with the introduction of the no-fee “mutual fund supermarket” concept and introduced the RIA servicing business; both innovations are now cornerstones of the discount brokerage industry.
This RIA experience was invaluable when Dave became a founding investor in HighTower Advisors, helping it grow from an idea to a thriving business with over $50 billion in assets. He served on HighTower’s board and as the chair for close to a decade, stepping down as it was sold in 2018. Dave served on the board of directors of Intel Corporation from 1998 to 2018. Dave was formerly a trustee of the University of Pennsylvania and chair of the San Francisco Committee on Jobs.
Dave is currently on the board of GSV Capital, a publicly traded investment fund that gives growth equity investors access to private companies with huge potential.