Charles Schwab Search Follows CMO Switch

The biggest cliché about advertising reviews is that they’re triggered by turnover in marketing leadership, which appears to be the case for Charles Schwab.

The review begins two weeks after the financial firm replaced chief marketing officer Laurine Garrity, who held the job for 19 months. The new cmo is Jonathan Craig, a Charles Schwab veteran who previously was svp of retail marketing and client acquisition, a company representative confirmed.

Craig, naturally, will be among the key decision-makers in the review, which is being managed by External View Consulting Group in Culver City, Calif. The incumbent, Euro RSCG, N.Y.—which as of next week will be rebranded Havas Worldwide, N.Y.—is defending.

Revenue on the account is estimated at more than $7 million.

Charles Schwab’s media spending has declined steadily since 2008, when it totaled nearly $100 million, according to Nielsen. In 2009, the total was nearly $80 million and in 2010 it was around $75 million. Last year’s total was just under $70 million, according to Nielsen.

Euro RSCG’s current campaign features a thirtysomething guy in a suit who uses props like a tollgate and boom box to make points about “how some companies like to get between you and your money” and the need to roll over old 401Ks. The effort, which broke last year, retains the brand’s longtime “Talk to Chuck” tagline. Euro RSCG landed the account in late 2004 after a review. 

Media planning and buying responsibilities are not in play and remain at Interpublic Group’s UM. That relationship dates back to 2009.