.Charles Schwab CEO Walt Bettinger is retiring from his role at the end of December after 16 years leading the stock broker firm, the business introduced Tuesday.Bettinger will definitely be actually replaced on Jan. 1, 2025, by Charles Schwab President Rick Wurster. Bettinger will certainly stay as the co-chair of Schwab's board.Stock Graph IconStock chart iconCharles Schwab, 5 yearsIn a claim, Bettinger mentioned his 65th birthday celebration upcoming year as a reason to tip apart and also complimented the choice of Wurster." The Schwab Panel's helpful and self-displined technique to sequence preparation helps create this switch smooth. Rick Wurster as well as I have collaborated on a daily basis for much more than eight years. I possess full assurance in his management, as well as I am actually delighted that the Schwab Panel of Directors has picked him as my successor," the claim said.In a meeting on CNBC's "Squawk Box," Wurster indicated that there would certainly not be actually any kind of instant adjustment in strategy with the CEO handoff." I do not believe there are going to be a transition in the feeling that we are actually visiting continue what our company have actually been actually performing, which is actually supply for our customers as well as please them," Wurster said.Since Bettinger took over in 2008, the company's client possessions have actually expanded to $9.74 mountain from $1.14 mountain, as well as customer brokerage accounts have actually expanded to more than 43 million from far fewer than 10 million. This growth is due in part to Schwab's achievement of TD Ameritrade, which approached 2020. Bettinger said on "Squawk Package" that the assimilation of Ameritrade was actually finished earlier this year and also was yet another reason that he believed this was actually a good time to step aside coming from the chief executive officer role.Schwab's supply has actually gone up approximately 150% throughout Bettinger's period, which started in the middle of the financial situation, but it has underperformed the more comprehensive market over the past pair of years." I usually say that very few Chief executive officers halve their firm's sell rate in the very first 90 times, yet that was virtually what I strolled in to in the economic dilemma," Bettinger stated on "Squawk Box." Reveals of Schwab were down about 1% in morning investing Tuesday.