.Charles Schwab CEO Walt Bettinger is actually retiring from his role at the end of December after 16 years leading the brokerage agency, the company revealed Tuesday.Bettinger is going to be switched out on Jan. 1, 2025, through Charles Schwab President Rick Wurster. Bettinger will continue to be as the co-chair of Schwab's board.Stock Graph IconStock chart iconCharles Schwab, 5 yearsIn a declaration, Bettinger presented his 65th special day following year as an explanation to step apart and also applauded the option of Wurster." The Schwab Panel's helpful as well as disciplined technique to succession preparation assists create this switch smooth. Rick Wurster and I have actually cooperated everyday for much more than 8 years. I possess comprehensive self-confidence in his management, and also I am thrilled that the Schwab Panel of Directors has actually selected him as my successor," the claim said.In a job interview on CNBC's "Squawk Box," Wurster indicated that there would certainly not be any kind of urgent adjustment in tactic with the chief executive officer handoff." I don't assume there will certainly be a shift in the feeling that our company're visiting proceed what our company've been performing, which is provide for our customers and also thrill all of them," Wurster said.Since Bettinger consumed in 2008, the business's customer properties have grown to $9.74 trillion from $1.14 trillion, as well as customer broker agent profiles have actually expanded to greater than 43 million from less than 10 thousand. This growth schedules in part to Schwab's accomplishment of TD Ameritrade, which approached 2020. Bettinger pointed out on "Squawk Carton" that the combination of Ameritrade was actually accomplished previously this year as well as was one more explanation that he assumed this was a great time to step apart coming from the CEO role.Schwab's sell has actually risen around 150% during Bettinger's tenure, which started during the monetary dilemma, yet it has underperformed the wider market over recent two years." I often claim that not many CEOs halve their firm's supply rate in the first 90 days, but that was actually pretty much what I walked in to in the economic dilemma," Bettinger claimed on "Squawk Carton." Portions of Schwab were down approximately 1% in morning exchanging Tuesday.