.Charles Schwab CEO Walt Bettinger is actually retiring from his role at the end of December after 16 years leading the brokerage company, the firm announced Tuesday.Bettinger will definitely be actually replaced on Jan. 1, 2025, by Charles Schwab President Rick Wurster. Bettinger will stay as the co-chair of Schwab's board.Stock Chart IconStock chart iconCharles Schwab, 5 yearsIn a claim, Bettinger mentioned his 65th birthday next year as an explanation to step aside and also commended the choice of Wurster." The Schwab Board's thoughtful and disciplined strategy to progression organizing aids create this switch smooth. Rick Wurster as well as I have actually collaborated everyday for greater than 8 years. I have full peace of mind in his leadership, and also I am actually delighted that the Schwab Panel of Directors has chosen him as my follower," the statement said.In a job interview on CNBC's "Squawk Package," Wurster signified that there would certainly not be actually any sort of instant change in strategy with the CEO handoff." I do not think there will be a change in the feeling that our company're visiting proceed what our team've been carrying out, which is deliver for our clients and also thrill them," Wurster said.Since Bettinger consumed in 2008, the business's customer assets have expanded to $9.74 trillion coming from $1.14 trillion, and customer brokerage firm accounts have actually developed to more than 43 million coming from less than 10 million. This growth is due in part to Schwab's accomplishment of TD Ameritrade, which approached 2020. Bettinger claimed on "Squawk Package" that the assimilation of Ameritrade was finished previously this year and was yet another reason that he thought this was a happy times to tip apart from the chief executive officer role.Schwab's sell has climbed about 150% in the course of Bettinger's tenure, which started in the middle of the economic crisis, but it has actually underperformed the more comprehensive market over the past two years." I usually state that very few Chief executive officers halve their provider's supply cost in the 1st 90 days, yet that was practically what I walked in to in the financial problems," Bettinger stated on "Squawk Carton." Portions of Schwab were actually down around 1% in early morning exchanging Tuesday.