.Charles Schwab CEO Walt Bettinger is retiring from his task in the end of December after 16 years leading the stock broker agency, the company announced Tuesday.Bettinger will certainly be replaced on Jan. 1, 2025, through Charles Schwab Head Of State Rick Wurster. Bettinger will definitely continue to be as the co-chair of Schwab's board.Stock Chart IconStock graph iconCharles Schwab, 5 yearsIn a statement, Bettinger presented his 65th birthday celebration upcoming year as a factor to step aside and commended the selection of Wurster." The Schwab Panel's considerate as well as regimented strategy to sequence planning helps make this shift smooth. Rick Wurster and I have worked together each day for much more than eight years. I possess full assurance in his leadership, and also I am thrilled that the Schwab Panel of Supervisors has actually chosen him as my successor," the claim said.In a job interview on CNBC's "Squawk Container," Wurster suggested that there will certainly not be any type of quick modification in tactic with the CEO handoff." I don't think there will definitely be actually a switch in the feeling that our team are actually visiting proceed what our team've been performing, which is supply for our clients as well as delight all of them," Wurster said.Since Bettinger consumed in 2008, the company's client possessions have developed to $9.74 mountain from $1.14 trillion, and client brokerage firm accounts have expanded to greater than 43 million coming from less than 10 thousand. This development is due partly to Schwab's achievement of TD Ameritrade, which closed in 2020. Bettinger said on "Squawk Package" that the integration of Ameritrade was finished earlier this year as well as was actually another explanation that he presumed this was actually a good time to tip apart from the CEO role.Schwab's supply has increased about 150% throughout Bettinger's period, which started during the financial crisis, however it has underperformed the more comprehensive market over the past two years." I frequently say that not many CEOs halve their firm's inventory cost in the 1st 90 days, however that was essentially what I walked right into in the economic problems," Bettinger mentioned on "Squawk Box." Allotments of Schwab were actually down about 1% in morning trading Tuesday.