.Charles Schwab Chief Executive Officer Walt Bettinger is retiring from his duty in the end of December after 16 years leading the brokerage firm, the business introduced Tuesday.Bettinger will be actually substituted on Jan. 1, 2025, by Charles Schwab President Rick Wurster. Bettinger will certainly remain as the co-chair of Schwab's board.Stock Graph IconStock graph iconCharles Schwab, 5 yearsIn a claim, Bettinger cited his 65th special day following year as a main reason to step apart and also applauded the selection of Wurster." The Schwab Panel's thoughtful and disciplined approach to sequence planning assists create this change smooth. Rick Wurster and also I have actually interacted each day for more than eight years. I have total assurance in his management, and I am thrilled that the Schwab Panel of Supervisors has picked him as my successor," the statement said.In a job interview on CNBC's "Squawk Box," Wurster signified that there would certainly not be any quick modification in approach along with the chief executive officer handoff." I don't think there are going to be actually a switch in the sense that our company're going to proceed what we have actually been doing, which is actually provide for our clients and thrill them," Wurster said.Since Bettinger consumed in 2008, the company's customer assets have actually grown to $9.74 trillion from $1.14 mountain, as well as customer broker agent profiles have actually increased to much more than 43 million coming from far fewer than 10 million. This development schedules partly to Schwab's achievement of TD Ameritrade, which enclosed 2020. Bettinger pointed out on "Squawk Carton" that the combination of Ameritrade was completed earlier this year and also was actually another main reason that he presumed this was actually a great time to tip aside coming from the CEO role.Schwab's stock has increased approximately 150% throughout Bettinger's tenure, which began during the financial problems, but it has actually underperformed the broader market over recent two years." I commonly state that very few Chief executive officers halve their firm's inventory price in the first 90 times, however that was actually more or less what I walked right into in the monetary problems," Bettinger pointed out on "Squawk Package." Allotments of Schwab were down about 1% in morning exchanging Tuesday.