.Charles Schwab CEO Walt Bettinger is actually retiring from his task by the end of December after 16 years leading the brokerage firm, the firm revealed Tuesday.Bettinger will certainly be actually changed on Jan. 1, 2025, by Charles Schwab Head Of State Rick Wurster. Bettinger will definitely remain as the co-chair of Schwab's board.Stock Graph IconStock graph iconCharles Schwab, 5 yearsIn a declaration, Bettinger cited his 65th birthday celebration following year as a reason to step aside and commended the selection of Wurster." The Schwab Panel's considerate and regimented technique to progression planning assists create this switch smooth. Rick Wurster and I have collaborated every day for greater than 8 years. I possess full self-confidence in his leadership, as well as I am actually thrilled that the Schwab Panel of Supervisors has picked him as my successor," the declaration said.In a meeting on CNBC's "Squawk Package," Wurster signified that there would certainly not be any kind of quick improvement in method with the CEO handoff." I do not think there will definitely be a switch in the sense that our company are actually going to continue what our team have actually been carrying out, which is actually supply for our clients and also delight all of them," Wurster said.Since Bettinger took control of in 2008, the firm's client assets have actually developed to $9.74 trillion coming from $1.14 mountain, as well as customer stock broker profiles have actually increased to greater than 43 million coming from less than 10 thousand. This development is due in part to Schwab's acquisition of TD Ameritrade, which enclosed 2020. Bettinger said on "Squawk Carton" that the assimilation of Ameritrade was finished earlier this year and also was another main reason that he presumed this was actually a good time to step apart coming from the chief executive officer role.Schwab's stock has gone up approximately 150% throughout Bettinger's tenure, which began at the center of the financial dilemma, yet it has actually underperformed the more comprehensive market over recent two years." I typically claim that very few Chief executive officers halve their company's stock rate in the very first 90 times, but that was virtually what I walked right into in the economic dilemma," Bettinger mentioned on "Squawk Carton." Reveals of Schwab were actually down approximately 1% in early morning exchanging Tuesday.