.Charles Schwab Chief Executive Officer Walt Bettinger is retiring from his task at the end of December after 16 years leading the brokerage firm, the provider introduced Tuesday.Bettinger will be actually replaced on Jan. 1, 2025, through Charles Schwab President Rick Wurster. Bettinger will stay as the co-chair of Schwab's board.Stock Chart IconStock chart iconCharles Schwab, 5 yearsIn a statement, Bettinger presented his 65th birthday celebration following year as a main reason to tip apart as well as complimented the choice of Wurster." The Schwab Board's thoughtful as well as disciplined strategy to sequence preparation aids make this switch smooth. Rick Wurster as well as I have cooperated everyday for greater than 8 years. I have comprehensive peace of mind in his management, and also I am actually thrilled that the Schwab Board of Directors has actually selected him as my follower," the declaration said.In an interview on CNBC's "Squawk Box," Wurster indicated that there will certainly not be actually any type of immediate adjustment in tactic with the chief executive officer handoff." I don't think there will certainly be a shift in the feeling that we are actually mosting likely to continue what our team have actually been actually doing, which is deliver for our clients as well as please all of them," Wurster said.Since Bettinger took control of in 2008, the company's customer properties have actually expanded to $9.74 mountain from $1.14 mountain, as well as client broker agent accounts have actually expanded to more than 43 thousand coming from far fewer than 10 thousand. This development schedules partially to Schwab's accomplishment of TD Ameritrade, which enclosed 2020. Bettinger said on "Squawk Carton" that the integration of Ameritrade was actually accomplished previously this year and also was actually another cause that he presumed this was a great time to step apart from the chief executive officer role.Schwab's inventory has actually risen approximately 150% throughout Bettinger's period, which started at the center of the financial crisis, however it has actually underperformed the more comprehensive market over the past two years." I often mention that very few CEOs halve their firm's sell rate in the very first 90 days, however that was actually essentially what I walked in to in the financial crisis," Bettinger mentioned on "Squawk Box." Reveals of Schwab were actually down approximately 1% in morning exchanging Tuesday.