.Charles Schwab CEO Walt Bettinger is actually retiring from his task at the end of December after 16 years leading the stock broker agency, the company revealed Tuesday.Bettinger is going to be replaced on Jan. 1, 2025, by Charles Schwab President Rick Wurster. Bettinger is going to remain as the co-chair of Schwab's board.Stock Chart IconStock chart iconCharles Schwab, 5 yearsIn a declaration, Bettinger cited his 65th birthday celebration next year as a factor to tip apart as well as commended the selection of Wurster." The Schwab Board's helpful as well as regimented technique to succession planning aids make this transition smooth. Rick Wurster and I have interacted on a daily basis for more than 8 years. I have complete assurance in his management, and I am actually delighted that the Schwab Panel of Directors has actually picked him as my follower," the claim said.In an interview on CNBC's "Squawk Box," Wurster suggested that there will certainly not be actually any kind of urgent adjustment in strategy with the chief executive officer handoff." I do not assume there will be actually a switch in the sense that our company are actually mosting likely to continue what we've been actually performing, which is provide for our customers and also thrill them," Wurster said.Since Bettinger consumed in 2008, the business's customer properties have grown to $9.74 trillion from $1.14 trillion, as well as client broker agent accounts have actually developed to much more than 43 thousand from fewer than 10 million. This growth schedules in part to Schwab's achievement of TD Ameritrade, which enclosed 2020. Bettinger mentioned on "Squawk Carton" that the integration of Ameritrade was accomplished earlier this year as well as was an additional explanation that he believed this was actually a good time to step aside coming from the CEO role.Schwab's supply has actually risen roughly 150% in the course of Bettinger's period, which began at the center of the monetary problems, but it has underperformed the wider market over recent pair of years." I commonly point out that not many CEOs halve their provider's sell price in the first 90 times, but that was actually more or less what I walked into in the financial problems," Bettinger claimed on "Squawk Package." Portions of Schwab were down about 1% in morning trading Tuesday.