.Charles Schwab CEO Walt Bettinger is actually retiring from his function by the end of December after 16 years leading the brokerage organization, the firm introduced Tuesday.Bettinger will definitely be actually changed on Jan. 1, 2025, by 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 statement, Bettinger mentioned his 65th birthday celebration next year as a factor to step aside and also praised the selection of Wurster." The Schwab Board's well thought-out as well as regimented strategy to sequence planning helps make this shift smooth. Rick Wurster and I have interacted each day for more than 8 years. I possess full self-confidence in his management, as well as I am actually thrilled that the Schwab Board of Supervisors has actually selected him as my follower," the declaration said.In a job interview on CNBC's "Squawk Carton," Wurster showed that there will not be any kind of quick change in strategy along with the CEO handoff." I do not think there are going to be actually a shift in the feeling that our team are actually mosting likely to continue what we've been actually doing, which is deliver for our clients as well as please all of them," Wurster said.Since Bettinger took over in 2008, the firm's customer possessions have grown to $9.74 mountain from $1.14 trillion, as well as client brokerage firm accounts have increased to more than 43 million from fewer than 10 thousand. This development schedules partly to Schwab's accomplishment of TD Ameritrade, which closed in 2020. Bettinger said on "Squawk Container" that the integration of Ameritrade was actually completed earlier this year as well as was actually one more reason that he assumed this was actually a great time to step aside from the chief executive officer role.Schwab's stock has actually increased about 150% in the course of Bettinger's tenure, which began at the center of the monetary problems, yet it has actually underperformed the broader market over recent 2 years." I often mention that not many CEOs halve their firm's supply rate in the first 90 times, but that was actually essentially what I strolled in to in the monetary problems," Bettinger pointed out on "Squawk Package." Allotments of Schwab were down approximately 1% in early morning investing Tuesday.