.Charles Schwab CEO Walt Bettinger is actually retiring from his task at the end of December after 16 years leading the brokerage agency, the provider revealed Tuesday.Bettinger will certainly be actually replaced on Jan. 1, 2025, through Charles Schwab President Rick Wurster. Bettinger is going to stay as the co-chair of Schwab's board.Stock Graph IconStock chart iconCharles Schwab, 5 yearsIn a declaration, Bettinger presented his 65th birthday celebration upcoming year as a reason to step aside and also praised the choice of Wurster." The Schwab Panel's considerate and also regimented technique to sequence preparation helps create this shift smooth. Rick Wurster and I have collaborated each day for greater than 8 years. I have comprehensive peace of mind in his management, and I am actually thrilled that the Schwab Board of Directors has chosen him as my successor," the declaration said.In a job interview on CNBC's "Squawk Package," Wurster indicated that there will not be actually any sort of immediate improvement in technique along with the CEO handoff." I don't assume there will certainly be actually a switch in the sense that our team're going to continue what we have actually been actually carrying out, which is actually supply for our clients and also please all of them," Wurster said.Since Bettinger consumed in 2008, the firm's customer properties have actually expanded to $9.74 mountain coming from $1.14 trillion, and client brokerage firm accounts have expanded to much more than 43 thousand from fewer than 10 million. This development schedules in part to Schwab's acquisition of TD Ameritrade, which closed in 2020. Bettinger said on "Squawk Container" that the combination of Ameritrade was actually accomplished earlier this year as well as was yet another factor that he assumed this was actually a great time to tip aside from the chief executive officer role.Schwab's inventory has actually gone up approximately 150% during Bettinger's period, which began at the center of the economic crisis, however it has actually underperformed the more comprehensive market over the past two years." I frequently state that not many CEOs halve their provider's inventory price in the very first 90 days, but that was virtually what I strolled in to in the economic problems," Bettinger mentioned on "Squawk Container." Portions of Schwab were actually down about 1% in early morning investing Tuesday.