.Charles Schwab Chief Executive Officer Walt Bettinger is actually retiring from his task in the end of December after 16 years leading the stock broker agency, the provider declared Tuesday.Bettinger is going to be actually changed on Jan. 1, 2025, by Charles Schwab President Rick Wurster. Bettinger is going to continue to be as the co-chair of Schwab's board.Stock Chart IconStock chart iconCharles Schwab, 5 yearsIn a statement, Bettinger presented his 65th special day following year as a main reason to step aside as well as commended the selection of Wurster." The Schwab Board's well thought-out and self-displined technique to succession preparing assists make this shift smooth. Rick Wurster and I have actually interacted everyday for greater than 8 years. I possess complete assurance in his leadership, and also I am thrilled that the Schwab Panel of Supervisors has picked him as my successor," the declaration said.In a job interview on CNBC's "Squawk Package," Wurster signified that there will certainly not be any kind of prompt improvement in technique along with the chief executive officer handoff." I don't believe there will definitely be actually a transition in the feeling that our experts are actually heading to continue what our company've been performing, which is actually deliver for our customers and delight all of them," Wurster said.Since Bettinger took over in 2008, the firm's client resources have increased to $9.74 trillion from $1.14 mountain, and also customer brokerage firm profiles have actually expanded to greater than 43 million coming from fewer than 10 million. This growth is due partially to Schwab's acquisition of TD Ameritrade, which closed in 2020. Bettinger said on "Squawk Package" that the assimilation of Ameritrade was completed earlier this year as well as was one more reason that he believed this was actually a great time to step aside from the chief executive officer role.Schwab's sell has actually risen roughly 150% during Bettinger's tenure, which started at the center of the monetary problems, yet it has actually underperformed the more comprehensive market over recent pair of years." I usually state that few Chief executive officers halve their company's stock price in the very first 90 times, but that was pretty much what I strolled right into in the monetary crisis," Bettinger mentioned on "Squawk Carton." Portions of Schwab were down around 1% in morning exchanging Tuesday.