Charles Schwab has appointed Marie Chandoha as president and chief executive of its investment management unit, Charles Schwab Investment Management. She replaces Randy Merk who is to take on a special project role for the firm.

Chandoha was latterly chief investment officer at Schwab, having joined the company in September 2010, leading portfolio management. Prior to this role, Chandoha was the global head of the fixed income business at Barclays Global Investors, which was acquired by BlackRock.

Before joining BGI in 2007, she was co-head and senior portfolio manager in charge of the Montgomery fixed income division at Wells Capital, a senior bond strategist at Goldman Sachs, and managing director responsible for the global fixed income research and economics department at Credit Suisse First Boston.

In her new role she will report to Schwab CEO Walt Bettinger.