.Charles Schwab Chief Executive Officer Walt Bettinger is retiring from his role at the end of December after 16 years leading the brokerage company, the provider revealed Tuesday.Bettinger will be actually substituted on Jan. 1, 2025, by Charles Schwab President Rick Wurster. Bettinger will definitely continue to be as the co-chair of Schwab's board.Stock Graph IconStock chart iconCharles Schwab, 5 yearsIn a statement, Bettinger presented his 65th birthday celebration next year as a cause to tip aside as well as applauded the choice of Wurster." The Schwab Board's thoughtful and self-displined approach to progression preparing assists make this transition smooth. Rick Wurster as well as I have actually cooperated on a daily basis for much more than 8 years. I possess full self-confidence in his management, and I am actually delighted that the Schwab Panel of Directors has actually picked him as my successor," the claim said.In an interview on CNBC's "Squawk Container," Wurster showed that there would certainly not be actually any sort of quick improvement in method with the chief executive officer handoff." I do not believe there will definitely be actually a shift in the feeling that we're heading to proceed what our team have actually been carrying out, which is actually deliver for our clients and delight all of them," Wurster said.Since Bettinger took over in 2008, the company's customer assets have actually increased to $9.74 mountain from $1.14 mountain, and also customer stock broker profiles have grown to more than 43 thousand coming from less than 10 thousand. This growth schedules partly to Schwab's acquisition of TD Ameritrade, which approached 2020. Bettinger mentioned on "Squawk Box" that the integration of Ameritrade was finished earlier this year and was yet another factor that he believed this was a good time to tip aside coming from the chief executive officer role.Schwab's supply has actually risen roughly 150% throughout Bettinger's period, which began during the financial situation, but it has underperformed the wider market over recent two years." I frequently point out that very few CEOs halve their business's inventory rate in the very first 90 days, however that was actually virtually what I strolled in to in the monetary situation," Bettinger pointed out on "Squawk Container." Allotments of Schwab were down approximately 1% in morning investing Tuesday.