.Charles Schwab Chief Executive Officer Walt Bettinger is retiring from his role in the end of December after 16 years leading the stock broker agency, the firm introduced Tuesday.Bettinger will definitely be replaced on Jan. 1, 2025, by Charles Schwab Head Of State Rick Wurster. Bettinger will definitely stay as the co-chair of Schwab's board.Stock Chart IconStock graph iconCharles Schwab, 5 yearsIn a statement, Bettinger cited his 65th birthday party upcoming year as an explanation to step apart and complimented the option of Wurster." The Schwab Board's well thought-out and also disciplined approach to succession planning assists make this transition smooth. Rick Wurster and also I have actually collaborated everyday for more than 8 years. I possess complete peace of mind in his management, and I am actually thrilled that the Schwab Panel of Supervisors has actually selected him as my successor," the declaration said.In a job interview on CNBC's "Squawk Carton," Wurster showed that there would certainly certainly not be any type of prompt improvement in tactic along with the CEO handoff." I do not think there are going to be actually a transition in the sense that our team're visiting continue what our team've been actually doing, which is provide for our customers and delight all of them," Wurster said.Since Bettinger managed in 2008, the provider's customer resources have grown to $9.74 trillion coming from $1.14 mountain, and also client brokerage profiles have grown to greater than 43 million from less than 10 thousand. This growth schedules partially to Schwab's acquisition of TD Ameritrade, which closed in 2020. Bettinger said on "Squawk Package" that the combination of Ameritrade was actually accomplished previously this year as well as was an additional factor that he assumed this was actually a happy times to step apart from the chief executive officer role.Schwab's supply has actually climbed roughly 150% throughout Bettinger's tenure, which started during the financial crisis, however it has actually underperformed the more comprehensive market over recent two years." I typically state that few CEOs halve their business's inventory cost in the first 90 times, but that was actually essentially what I walked into in the economic situation," Bettinger claimed on "Squawk Container." Reveals of Schwab were down around 1% in morning exchanging Tuesday.