.Charles Schwab CEO Walt Bettinger is actually retiring from his part at the end of December after 16 years leading the brokerage company, the provider introduced Tuesday.Bettinger is going to be actually substituted on Jan. 1, 2025, by Charles Schwab President Rick Wurster. Bettinger will continue to be as the co-chair of Schwab's board.Stock Chart IconStock graph iconCharles Schwab, 5 yearsIn a statement, Bettinger cited his 65th birthday upcoming year as a main reason to tip aside and also praised the choice of Wurster." The Schwab Board's helpful and also regimented approach to progression organizing aids make this change smooth. Rick Wurster and also I have actually cooperated daily for more than 8 years. I have total peace of mind in his leadership, and I am actually thrilled that the Schwab Board of Directors has chosen him as my follower," the statement said.In a job interview on CNBC's "Squawk Box," Wurster signified that there would certainly certainly not be any kind of quick improvement in method with the CEO handoff." I do not think there will certainly be actually a transition in the feeling that we're mosting likely to proceed what our experts have actually been actually carrying out, which is deliver for our clients and also please them," Wurster said.Since Bettinger managed in 2008, the firm's client assets have actually developed to $9.74 mountain from $1.14 trillion, and also customer brokerage firm accounts have actually developed to greater than 43 thousand from far fewer than 10 thousand. This development is due in part to Schwab's achievement of TD Ameritrade, which closed in 2020. Bettinger mentioned on "Squawk Container" that the assimilation of Ameritrade was completed earlier this year as well as was actually yet another factor that he presumed this was a happy times to tip aside from the chief executive officer role.Schwab's inventory has increased around 150% in the course of Bettinger's period, which started at the center of the financial situation, yet it has actually underperformed the more comprehensive market over recent two years." I frequently claim that few CEOs halve their firm's supply price in the initial 90 days, yet that was actually practically what I strolled in to in the monetary crisis," Bettinger claimed on "Squawk Container." Portions of Schwab were down approximately 1% in morning trading Tuesday.