.Charles Schwab CEO Walt Bettinger is actually retiring from his function by the end of December after 16 years leading the broker agent agency, the company announced Tuesday.Bettinger is going to be replaced on Jan. 1, 2025, by Charles Schwab Head Of State Rick Wurster. Bettinger will continue to be as the co-chair of Schwab's board.Stock Graph IconStock chart iconCharles Schwab, 5 yearsIn a claim, Bettinger cited his 65th birthday party next year as a reason to step apart and praised the selection of Wurster." The Schwab Board's well thought-out and also self-displined approach to sequence preparing aids create this change smooth. Rick Wurster and also I have cooperated each day for greater than 8 years. I possess full peace of mind in his leadership, and I am thrilled that the Schwab Panel of Supervisors has actually selected him as my follower," the statement said.In a meeting on CNBC's "Squawk Package," Wurster signified that there would certainly not be actually any sort of urgent modification in approach with the chief executive officer handoff." I don't assume there will be a shift in the feeling that our experts're going to continue what our experts've been actually performing, which is actually provide for our customers and also delight all of them," Wurster said.Since Bettinger took control of in 2008, the business's customer resources have actually increased to $9.74 mountain coming from $1.14 trillion, as well as client stock broker accounts have developed to more than 43 thousand from fewer than 10 million. This growth is due partly to Schwab's acquisition of TD Ameritrade, which enclosed 2020. Bettinger said on "Squawk Box" that the assimilation of Ameritrade was completed earlier this year and was another reason that he believed this was a happy times to step aside coming from the chief executive officer role.Schwab's inventory has risen about 150% during the course of Bettinger's tenure, which started during the monetary crisis, however it has underperformed the wider market over recent 2 years." I typically state that not many CEOs halve their firm's supply price in the first 90 times, however that was actually essentially what I walked right into in the economic situation," Bettinger claimed on "Squawk Package." Allotments of Schwab were down about 1% in morning investing Tuesday.