Steven Scheid, vice chairman and president of retail at Charles Schwab Corp., has resigned his post.

David Pottruck, president and co-CEO, is temporarily assuming direct responsibility for the company’s retail business. Schwab and Pottruck said they intend to select Scheid’s successor from within the company.

“We’ve got tremendous bench strength of talented executives at Schwab,” said Pottruck. “Our strategic plan and priorities are in place and everybody is focused on execution. The best way we can keep our momentum building is to appoint a new head of retail who is already knowledgeable about our organization and our clients’ needs, and who is committed to our program and culture.”

“While we regret losing someone of Steve’s caliber, I am confident that the pieces are in place to bring the greatest range of brokerage services available anywhere to market,” Pottruck added.

A couple of weeks ago Schwab sold its Canadian retail operation to the Bank of Nova Scotia for an undisclosed sum.

“Steve has led our retail organization through the toughest market conditions in more than a decade. He assumed his current role in late 2000 and has been working almost around the clock ever since. The fact that we effectively addressed the company’s capacity issues while also making significant progress strengthening our advice capabilities is due in no small part to Steve’s efforts,” said Charles Schwab, chairman and co-CEO.