A power management circuit is provided with groups of switches and a single shared inductor and is selectively configured in a first mode to act as a buck regulator and a second mode to act as a buck-boost regulator. There is a two-stage circuit topology, where both charging and regular operation of the device can be optimized. There is a switching charger integrated circuit that can be dedicated to performing a charging function, and there is a DC-DC power management integrated circuit that can be dedicated to regulating the system voltage provided by the battery while the battery is discharging.