.Charles Schwab Chief Executive Officer Walt Bettinger is actually retiring from his task at the end of December after 16 years leading the broker agent firm, the company announced Tuesday.Bettinger will certainly be changed on Jan. 1, 2025, through Charles Schwab President Rick Wurster. Bettinger is going to stay as the co-chair of Schwab's board.Stock Chart IconStock chart iconCharles Schwab, 5 yearsIn a claim, Bettinger presented his 65th special day next year as a reason to tip aside as well as applauded the option of Wurster." The Schwab Panel's well thought-out and also disciplined method to succession organizing aids make this transition smooth. Rick Wurster and also I have worked together daily for greater than eight years. I have complete assurance in his leadership, and I am actually thrilled that the Schwab Panel of Directors has actually chosen him as my successor," the statement said.In a job interview on CNBC's "Squawk Package," Wurster indicated that there will not be any sort of instant adjustment in approach with the CEO handoff." I do not assume there will be a shift in the sense that we're visiting continue what we've been actually doing, which is actually deliver for our clients and also delight all of them," Wurster said.Since Bettinger took control of in 2008, the firm's client possessions have grown to $9.74 mountain from $1.14 trillion, and also client brokerage accounts have actually expanded to much more than 43 thousand from far fewer than 10 million. This growth schedules in part to Schwab's acquisition of TD Ameritrade, which approached 2020. Bettinger claimed on "Squawk Carton" that the assimilation of Ameritrade was completed previously this year and also was one more explanation that he assumed this was a great time to step apart from the chief executive officer role.Schwab's inventory has climbed about 150% in the course of Bettinger's tenure, which started at the center of the financial situation, yet it has actually underperformed the broader market over recent two years." I commonly state that few CEOs halve their provider's inventory price in the initial 90 days, yet that was actually practically what I walked into in the financial situation," Bettinger mentioned on "Squawk Carton." Portions of Schwab were actually down around 1% in morning trading Tuesday.