.Charles Schwab CEO Walt Bettinger is actually retiring from his job by the end of December after 16 years leading the broker agent firm, the provider revealed Tuesday.Bettinger will certainly be substituted on Jan. 1, 2025, by Charles Schwab President Rick Wurster. Bettinger will certainly continue to be as the co-chair of Schwab's board.Stock Chart IconStock graph iconCharles Schwab, 5 yearsIn a claim, Bettinger cited his 65th birthday celebration upcoming year as a main reason to tip apart as well as praised the choice of Wurster." The Schwab Panel's well thought-out and also regimented approach to progression preparation helps make this switch smooth. Rick Wurster and I have actually cooperated on a daily basis for much more than eight years. I have full confidence in his management, as well as I am delighted that the Schwab Panel of Supervisors has actually selected him as my successor," the claim said.In a meeting on CNBC's "Squawk Container," Wurster signified that there will certainly not be actually any type of immediate modification in approach with the chief executive officer handoff." I do not think there will certainly be a transition in the sense that we are actually mosting likely to continue what our company have actually been performing, which is actually supply for our customers as well as delight them," Wurster said.Since Bettinger consumed in 2008, the business's customer assets have expanded to $9.74 mountain from $1.14 trillion, as well as customer stock broker profiles have actually increased to greater than 43 million from less than 10 million. This development is due in part to Schwab's acquisition of TD Ameritrade, which enclosed 2020. Bettinger mentioned on "Squawk Container" that the assimilation of Ameritrade was actually completed earlier this year as well as was one more main reason that he thought this was a good time to step aside from the chief executive officer role.Schwab's stock has gone up around 150% during the course of Bettinger's tenure, which started at the center of the financial dilemma, but it has actually underperformed the broader market over recent pair of years." I often state that not many Chief executive officers halve their firm's stock rate in the very first 90 times, but that was virtually what I walked in to in the economic problems," Bettinger mentioned on "Squawk Carton." Portions of Schwab were actually down around 1% in early morning trading Tuesday.