.Charles Schwab Chief Executive Officer Walt Bettinger is retiring from his duty at the end of December after 16 years leading the broker agent firm, the company introduced Tuesday.Bettinger will be changed on Jan. 1, 2025, through Charles Schwab Head Of State Rick Wurster. Bettinger will continue to be as the co-chair of Schwab's board.Stock Chart IconStock chart iconCharles Schwab, 5 yearsIn a declaration, Bettinger mentioned his 65th special day following year as an explanation to step apart as well as applauded the selection of Wurster." The Schwab Panel's considerate and regimented strategy to succession planning helps create this transition smooth. Rick Wurster and also I have actually cooperated every day for more than eight years. I possess total assurance in his management, as well as I am actually delighted that the Schwab Panel of Directors has actually picked him as my follower," the declaration said.In a meeting on CNBC's "Squawk Container," Wurster showed that there will certainly not be any quick change in technique with the CEO handoff." I do not presume there are going to be a shift in the sense that our team're mosting likely to continue what our company've been doing, which is actually provide for our customers and please all of them," Wurster said.Since Bettinger consumed in 2008, the firm's customer possessions have increased to $9.74 mountain coming from $1.14 mountain, and customer stock broker accounts have increased to greater than 43 thousand from less than 10 million. This growth is due partly to Schwab's acquisition of TD Ameritrade, which enclosed 2020. Bettinger said on "Squawk Package" that the combination of Ameritrade was actually completed earlier this year and also was another cause that he presumed this was actually a good time to tip apart from the CEO role.Schwab's supply has actually gone up about 150% during the course of Bettinger's tenure, which began in the middle of the economic dilemma, however it has underperformed the wider market over the past 2 years." I frequently mention that few Chief executive officers halve their provider's sell price in the very first 90 times, however that was actually practically what I walked in to in the financial dilemma," Bettinger claimed on "Squawk Carton." Portions of Schwab were actually down around 1% in early morning investing Tuesday.