.Charles Schwab Chief Executive Officer Walt Bettinger is relinquishing his task at the end of December after 16 years leading the broker agent firm, the provider declared Tuesday.Bettinger will be actually replaced on Jan. 1, 2025, by Charles Schwab Head Of State Rick Wurster. Bettinger will remain as the co-chair of Schwab's board.Stock Chart IconStock graph iconCharles Schwab, 5 yearsIn a statement, Bettinger cited his 65th birthday celebration upcoming year as a factor to tip aside and applauded the option of Wurster." The Schwab Panel's well thought-out as well as regimented strategy to progression preparation helps create this shift smooth. Rick Wurster and also I have collaborated on a daily basis for greater than 8 years. I have comprehensive confidence in his leadership, as well as I am actually thrilled that the Schwab Board of Directors has actually selected him as my follower," the claim said.In a job interview on CNBC's "Squawk Package," Wurster signified that there would certainly not be actually any kind of prompt improvement in strategy with the CEO handoff." I do not think there will certainly be actually a switch in the feeling that our company are actually going to proceed what we have actually been actually doing, which is actually deliver for our customers and thrill all of them," Wurster said.Since Bettinger took over in 2008, the company's customer properties have actually grown to $9.74 mountain coming from $1.14 mountain, and client brokerage firm profiles have actually increased to greater than 43 thousand coming from fewer than 10 thousand. This development schedules partially to Schwab's accomplishment of TD Ameritrade, which closed in 2020. Bettinger mentioned on "Squawk Package" that the assimilation of Ameritrade was actually completed previously this year as well as was another main reason that he thought this was a great time to tip aside from the chief executive officer role.Schwab's stock has actually increased approximately 150% during the course of Bettinger's period, which began in the middle of the financial problems, however it has underperformed the wider market over the past 2 years." I commonly state that few CEOs halve their firm's stock price in the very first 90 days, yet that was more or less what I walked in to in the financial situation," Bettinger claimed on "Squawk Box." Portions of Schwab were down around 1% in early morning investing Tuesday.