.Charles Schwab CEO Walt Bettinger is retiring from his role in the end of December after 16 years leading the broker agent agency, the company declared Tuesday.Bettinger will certainly be actually replaced on Jan. 1, 2025, by Charles Schwab President Rick Wurster. Bettinger is going to remain as the co-chair of Schwab's board.Stock Chart IconStock graph iconCharles Schwab, 5 yearsIn a claim, Bettinger presented his 65th special day following year as a reason to step aside and applauded the option of Wurster." The Schwab Panel's thoughtful and regimented method to progression organizing assists make this shift smooth. Rick Wurster and I have actually interacted each day for greater than 8 years. I have total confidence in his leadership, and also I am actually thrilled that the Schwab Panel of Supervisors has actually picked him as my follower," the claim said.In an interview on CNBC's "Squawk Package," Wurster suggested that there would not be any type of urgent change in method with the CEO handoff." I do not assume there will definitely be a shift in the feeling that our experts are actually heading to continue what our experts have actually been actually performing, which is provide for our clients and also delight all of them," Wurster said.Since Bettinger consumed in 2008, the firm's client properties have actually increased to $9.74 trillion from $1.14 mountain, and also customer brokerage firm accounts have actually increased to more than 43 million from far fewer than 10 thousand. This development is due partially to Schwab's acquisition of TD Ameritrade, which enclosed 2020. Bettinger stated on "Squawk Carton" that the combination of Ameritrade was actually finished earlier this year and was an additional cause that he thought this was a happy times to step apart from the CEO role.Schwab's sell has actually gone up around 150% during the course of Bettinger's period, which started at the center of the economic crisis, yet it has underperformed the wider market over the past 2 years." I typically point out that few Chief executive officers halve their firm's stock rate in the very first 90 times, but that was actually virtually what I walked right into in the monetary dilemma," Bettinger pointed out on "Squawk Carton." Allotments of Schwab were down around 1% in early morning trading Tuesday.