.Charles Schwab CEO Walt Bettinger is retiring from his duty in the end of December after 16 years leading the brokerage company, the business announced Tuesday.Bettinger will certainly be actually substituted on Jan. 1, 2025, through Charles Schwab President Rick Wurster. Bettinger will continue to be as the co-chair of Schwab's board.Stock Chart IconStock graph iconCharles Schwab, 5 yearsIn a declaration, Bettinger cited his 65th birthday party following year as a cause to step aside and praised the selection of Wurster." The Schwab Board's thoughtful and also regimented approach to progression organizing assists create this change smooth. Rick Wurster and I have actually interacted daily for more than 8 years. I have complete assurance in his leadership, and I am thrilled that the Schwab Board of Supervisors has selected him as my successor," the statement said.In a job interview on CNBC's "Squawk Container," Wurster indicated that there will not be actually any sort of instant improvement in technique along with the CEO handoff." I don't assume there will definitely be a shift in the sense that our company're visiting proceed what our company've been actually carrying out, which is supply for our clients as well as thrill all of them," Wurster said.Since Bettinger took over in 2008, the company's customer properties have actually developed to $9.74 trillion from $1.14 trillion, as well as client broker agent profiles have actually expanded to greater than 43 million coming from fewer than 10 thousand. This development is due in part to Schwab's achievement of TD Ameritrade, which enclosed 2020. Bettinger pointed out on "Squawk Carton" that the integration of Ameritrade was accomplished previously this year and was yet another cause that he thought this was actually a great time to step aside coming from the CEO role.Schwab's inventory has actually increased roughly 150% during the course of Bettinger's period, which began at the center of the financial situation, yet it has actually underperformed the broader market over recent 2 years." I commonly point out that very few Chief executive officers halve their company's sell price in the initial 90 times, yet that was actually basically what I strolled right into in the monetary problems," Bettinger mentioned on "Squawk Carton." Reveals of Schwab were down approximately 1% in early morning trading Tuesday.