.Charles Schwab CEO Walt Bettinger is actually retiring from his task at the end of December after 16 years leading the stock broker company, the company announced Tuesday.Bettinger is going to be substituted on Jan. 1, 2025, by Charles Schwab President Rick Wurster. Bettinger will definitely stay as the co-chair of Schwab's board.Stock Chart IconStock chart iconCharles Schwab, 5 yearsIn a claim, Bettinger mentioned his 65th birthday following year as a cause to tip apart and praised the option of Wurster." The Schwab Board's well thought-out and disciplined method to succession planning assists make this change smooth. Rick Wurster and I have interacted every day for more than 8 years. I have comprehensive self-confidence in his leadership, as well as I am thrilled that the Schwab Board of Supervisors has selected him as my follower," the declaration said.In an interview on CNBC's "Squawk Box," Wurster showed that there will certainly not be actually any instant improvement in technique along with the chief executive officer handoff." I do not think there will certainly be actually a transition in the feeling that our team're visiting continue what our experts have actually been performing, which is deliver for our customers and please all of them," Wurster said.Since Bettinger took over in 2008, the provider's customer possessions have expanded to $9.74 mountain coming from $1.14 mountain, as well as client brokerage firm accounts have expanded to much more than 43 thousand from fewer than 10 thousand. This growth is due partially to Schwab's accomplishment of TD Ameritrade, which closed in 2020. Bettinger mentioned on "Squawk Carton" that the assimilation of Ameritrade was actually accomplished earlier this year and was yet another factor that he presumed this was a great time to step aside from the CEO role.Schwab's stock has climbed roughly 150% during the course of Bettinger's tenure, which began in the middle of the economic dilemma, yet it has actually underperformed the broader market over recent two years." I usually point out that not many CEOs halve their provider's inventory cost in the 1st 90 times, yet that was virtually what I walked right into in the economic dilemma," Bettinger claimed on "Squawk Carton." Reveals of Schwab were actually down about 1% in morning exchanging Tuesday.