.Charles Schwab Chief Executive Officer Walt Bettinger is actually relinquishing his part in the end of December after 16 years leading the stock broker agency, the business revealed Tuesday.Bettinger will definitely be actually changed on Jan. 1, 2025, through Charles Schwab President 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 next year as a cause to step aside and applauded the choice of Wurster." The Schwab Board's thoughtful and also self-displined approach to succession planning helps create this switch smooth. Rick Wurster as well as I have collaborated everyday for more than 8 years. I possess full confidence in his leadership, and also I am delighted that the Schwab Board of Supervisors has chosen him as my follower," the declaration said.In an interview on CNBC's "Squawk Carton," Wurster suggested that there would certainly not be any prompt adjustment in strategy along with the chief executive officer handoff." I do not believe there will definitely be a shift in the sense that we are actually going to proceed what our team have actually been carrying out, which is actually deliver for our clients and also thrill them," Wurster said.Since Bettinger consumed in 2008, the business's client properties have actually grown to $9.74 mountain coming from $1.14 mountain, and also customer brokerage accounts have increased to greater than 43 thousand from fewer than 10 thousand. This growth schedules in part to Schwab's acquisition of TD Ameritrade, which closed in 2020. Bettinger stated on "Squawk Container" that the integration of Ameritrade was accomplished previously this year as well as was yet another explanation that he thought this was actually a happy times to tip apart from the CEO role.Schwab's stock has actually risen roughly 150% during Bettinger's period, which began in the middle of the financial problems, however it has actually underperformed the more comprehensive market over recent two years." I usually say that not many CEOs halve their company's supply cost in the initial 90 days, however that was practically what I walked into in the economic problems," Bettinger mentioned on "Squawk Box." Reveals of Schwab were down approximately 1% in morning exchanging Tuesday.