.Charles Schwab Chief Executive Officer Walt Bettinger is actually relinquishing his part at the end of December after 16 years leading the stock broker firm, the firm declared Tuesday.Bettinger will definitely be actually substituted on Jan. 1, 2025, by Charles Schwab President Rick Wurster. Bettinger will stay as the co-chair of Schwab's board.Stock Chart IconStock chart iconCharles Schwab, 5 yearsIn a claim, Bettinger mentioned his 65th birthday next year as an explanation to step aside as well as complimented the selection of Wurster." The Schwab Board's helpful as well as self-displined technique to progression preparation helps make this change smooth. Rick Wurster and also I have interacted everyday for much more than 8 years. I possess complete assurance in his management, and I am actually thrilled that the Schwab Panel of Supervisors has actually picked him as my follower," the statement said.In a meeting on CNBC's "Squawk Carton," Wurster showed that there would certainly certainly not be any sort of quick adjustment in strategy with the chief executive officer handoff." I do not presume there will certainly be a shift in the feeling that our company're mosting likely to continue what our company've been performing, which is supply for our clients as well as thrill all of them," Wurster said.Since Bettinger took over in 2008, the provider's customer possessions have expanded to $9.74 trillion from $1.14 mountain, and also customer broker agent accounts have actually grown to greater than 43 thousand from fewer than 10 thousand. This development schedules in part to Schwab's acquisition of TD Ameritrade, which approached 2020. Bettinger stated on "Squawk Box" that the integration of Ameritrade was actually finished earlier this year and also was one more factor that he believed this was actually a happy times to tip apart coming from the CEO role.Schwab's stock has climbed roughly 150% in the course of Bettinger's tenure, which began during the economic situation, yet it has actually underperformed the more comprehensive market over the past 2 years." I frequently claim that very few CEOs halve their company's stock rate in the very first 90 times, but that was actually pretty much what I walked right into in the economic dilemma," Bettinger stated on "Squawk Package." Portions of Schwab were down around 1% in early morning investing Tuesday.