.Charles Schwab Chief Executive Officer Walt Bettinger is retiring from his task in the end of December after 16 years leading the brokerage agency, the company announced Tuesday.Bettinger is going to be actually substituted on Jan. 1, 2025, by Charles Schwab President Rick Wurster. Bettinger will certainly 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 birthday party following year as an explanation to step apart and applauded the option of Wurster." The Schwab Board's considerate as well as self-displined approach to succession preparation helps create this change smooth. Rick Wurster and I have actually cooperated each day for much more than 8 years. I possess full peace of mind in his management, and I am delighted that the Schwab Panel of Directors has selected him as my follower," the declaration said.In a job interview on CNBC's "Squawk Carton," Wurster suggested that there would certainly not be actually any type of immediate modification in method along with the chief executive officer handoff." I don't think there are going to be a shift in the feeling that our experts're heading to continue what our company've been doing, which is actually provide for our clients as well as thrill all of them," Wurster said.Since Bettinger took control of in 2008, the business's customer properties have actually grown to $9.74 trillion coming from $1.14 trillion, and customer stock broker profiles have actually developed to much more than 43 thousand coming from less than 10 million. This growth is due in part to Schwab's acquisition of TD Ameritrade, which approached 2020. Bettinger pointed out on "Squawk Carton" that the assimilation of Ameritrade was actually accomplished earlier this year and also was actually an additional reason that he believed this was a good time to step apart from the chief executive officer role.Schwab's stock has gone up around 150% during Bettinger's period, which started during the monetary situation, yet it has actually underperformed the broader market over the past pair of years." I often claim that very few CEOs halve their company's sell price in the very first 90 times, yet that was actually virtually what I walked right into in the financial crisis," Bettinger said on "Squawk Box." Allotments of Schwab were actually down around 1% in early morning exchanging Tuesday.