.Charles Schwab Chief Executive Officer Walt Bettinger is relinquishing his role at the end of December after 16 years leading the broker agent firm, the business announced Tuesday.Bettinger will definitely be replaced on Jan. 1, 2025, through Charles Schwab Head Of State Rick Wurster. Bettinger will stay as the co-chair of Schwab's board.Stock Graph IconStock chart iconCharles Schwab, 5 yearsIn a declaration, Bettinger cited his 65th special day upcoming year as a reason to tip apart and also commended the selection of Wurster." The Schwab Panel's thoughtful as well as self-displined strategy to succession organizing aids make this change smooth. Rick Wurster and also I have worked together daily for much more than 8 years. I possess full peace of mind in his leadership, as well as I am thrilled that the Schwab Panel of Directors has actually chosen him as my follower," the claim said.In a job interview on CNBC's "Squawk Package," Wurster indicated that there will not be any kind of quick modification in tactic with the chief executive officer handoff." I don't think there will definitely be a switch in the feeling that our company are actually going to continue what our company've been actually carrying out, which is provide for our clients and please them," Wurster said.Since Bettinger managed in 2008, the business's client assets have expanded to $9.74 mountain from $1.14 mountain, and also customer brokerage firm accounts have developed to much more than 43 million from far fewer than 10 thousand. This growth schedules partially to Schwab's acquisition of TD Ameritrade, which closed in 2020. Bettinger claimed on "Squawk Container" that the assimilation of Ameritrade was actually finished earlier this year and also was actually one more cause that he believed this was actually a great time to step aside coming from the CEO role.Schwab's inventory has gone up roughly 150% during the course of Bettinger's tenure, which started in the middle of the financial problems, but it has actually underperformed the more comprehensive market over recent 2 years." I commonly claim that few CEOs halve their firm's stock rate in the very first 90 times, but that was actually practically what I walked in to in the economic situation," Bettinger claimed on "Squawk Container." Reveals of Schwab were actually down about 1% in morning exchanging Tuesday.