.Charles Schwab Chief Executive Officer Walt Bettinger is actually relinquishing his duty by the end of December after 16 years leading the broker agent organization, the firm declared Tuesday.Bettinger will definitely be replaced on Jan. 1, 2025, through Charles Schwab Head Of State Rick Wurster. Bettinger will remain as the co-chair of Schwab's board.Stock Graph IconStock chart iconCharles Schwab, 5 yearsIn a declaration, Bettinger presented his 65th birthday upcoming year as a factor to step aside as well as complimented the option of Wurster." The Schwab Panel's considerate and self-displined approach to sequence organizing helps create this shift smooth. Rick Wurster and I have actually worked together every day for greater than eight years. I possess complete confidence in his management, as well as I am actually delighted that the Schwab Panel of Directors has actually selected him as my successor," the statement said.In a job interview on CNBC's "Squawk Container," Wurster suggested that there would certainly certainly not be any immediate improvement in approach along with the CEO handoff." I do not think there will certainly be actually a switch in the sense that our team're visiting continue what we've been actually carrying out, which is actually provide for our clients and delight them," Wurster said.Since Bettinger took over in 2008, the provider's client properties have actually developed to $9.74 trillion coming from $1.14 mountain, and customer brokerage accounts have increased to more than 43 million coming from less than 10 million. This growth schedules in part to Schwab's accomplishment of TD Ameritrade, which enclosed 2020. Bettinger said on "Squawk Package" that the assimilation of Ameritrade was finished earlier this year as well as was one more reason that he assumed this was actually a great time to tip apart from the CEO role.Schwab's stock has gone up about 150% during the course of Bettinger's tenure, which started in the middle of the financial dilemma, however it has actually underperformed the wider market over the past 2 years." I typically point out that not many CEOs halve their provider's stock price in the very first 90 times, however that was actually more or less what I strolled right into in the monetary situation," Bettinger stated on "Squawk Container." Reveals of Schwab were actually down approximately 1% in morning investing Tuesday.