.Charles Schwab Chief Executive Officer Walt Bettinger is actually relinquishing his role by the end of December after 16 years leading the brokerage agency, the provider introduced Tuesday.Bettinger will definitely be actually replaced on Jan. 1, 2025, by Charles Schwab Head Of State Rick Wurster. Bettinger will certainly stay as the co-chair of Schwab's board.Stock Graph IconStock graph iconCharles Schwab, 5 yearsIn a statement, Bettinger presented his 65th birthday celebration next year as a main reason to step apart and commended the choice of Wurster." The Schwab Panel's considerate and disciplined method to sequence preparing helps create this shift smooth. Rick Wurster and I have collaborated on a daily basis for much more than eight years. I possess comprehensive assurance in his leadership, and also I am delighted that the Schwab Board of Supervisors has actually chosen him as my follower," the claim said.In a meeting on CNBC's "Squawk Box," Wurster indicated that there would not be actually any sort of instant change in method with the chief executive officer handoff." I do not believe there are going to be a transition in the sense that our company're heading to continue what our experts've been actually doing, which is actually provide for our customers as well as thrill all of them," Wurster said.Since Bettinger took control of in 2008, the company's client assets have expanded to $9.74 mountain coming from $1.14 mountain, and also client brokerage accounts have increased to much more than 43 thousand coming from fewer than 10 million. This growth is due partially to Schwab's achievement of TD Ameritrade, which enclosed 2020. Bettinger claimed on "Squawk Box" that the assimilation of Ameritrade was actually completed earlier this year as well as was actually another reason that he believed this was actually a great time to tip aside from the chief executive officer role.Schwab's stock has actually climbed roughly 150% in the course of Bettinger's tenure, which began at the center of the monetary situation, yet it has actually underperformed the wider market over recent two years." I often claim that not many CEOs halve their firm's sell cost in the very first 90 times, but that was actually more or less what I strolled right into in the economic situation," Bettinger mentioned on "Squawk Container." Shares of Schwab were actually down approximately 1% in early morning exchanging Tuesday.