.Charles Schwab CEO Walt Bettinger is actually retiring from his duty in the end of December after 16 years leading the brokerage firm, the business declared Tuesday.Bettinger will definitely be actually substituted on Jan. 1, 2025, by Charles Schwab President Rick Wurster. Bettinger will stay as the co-chair of Schwab's board.Stock Chart IconStock chart iconCharles Schwab, 5 yearsIn a statement, Bettinger presented his 65th birthday celebration next year as a factor to step apart as well as commended the option of Wurster." The Schwab Board's well thought-out and also disciplined technique to succession organizing assists make this shift smooth. Rick Wurster and I have actually cooperated each day for greater than eight years. I have comprehensive assurance in his leadership, and also I am thrilled that the Schwab Board of Supervisors has chosen him as my successor," the claim said.In a meeting on CNBC's "Squawk Package," Wurster signified that there would not be actually any kind of prompt change in tactic along with the chief executive officer handoff." I do not think there are going to be a switch in the feeling that our experts're visiting proceed what our experts've been doing, which is supply for our customers and also delight them," Wurster said.Since Bettinger managed in 2008, the company's client properties have actually increased to $9.74 trillion coming from $1.14 mountain, and also customer broker agent profiles have grown to much more than 43 thousand coming from far fewer than 10 million. This development schedules partly to Schwab's accomplishment of TD Ameritrade, which enclosed 2020. Bettinger stated on "Squawk Container" that the assimilation of Ameritrade was finished previously this year and also was actually one more reason that he thought this was a good time to tip apart from the chief executive officer role.Schwab's inventory has actually climbed about 150% throughout Bettinger's period, which began in the middle of the monetary situation, yet it has underperformed the broader market over recent two years." I commonly mention that not many Chief executive officers halve their company's stock cost in the 1st 90 times, however that was essentially what I strolled into in the monetary dilemma," Bettinger pointed out on "Squawk Carton." Portions of Schwab were actually down approximately 1% in morning investing Tuesday.