.Charles Schwab Chief Executive Officer Walt Bettinger is retiring from his task in the end of December after 16 years leading the stock broker company, the provider revealed Tuesday.Bettinger will certainly be actually substituted on Jan. 1, 2025, through Charles Schwab Head Of State Rick Wurster. Bettinger will certainly continue to be as the co-chair of Schwab's board.Stock Graph IconStock graph iconCharles Schwab, 5 yearsIn a statement, Bettinger presented his 65th birthday party next year as a reason to tip aside and complimented the selection of Wurster." The Schwab Panel's thoughtful and disciplined technique to sequence organizing assists create this transition smooth. Rick Wurster and also I have collaborated on a daily basis for greater than 8 years. I possess full self-confidence in his management, and also I am actually thrilled that the Schwab Board of Supervisors has selected him as my successor," the claim said.In an interview on CNBC's "Squawk Box," Wurster showed that there will not be actually any sort of immediate modification in approach along with the CEO handoff." I do not assume there will definitely be actually a shift in the feeling that we're mosting likely to proceed what our experts've been actually carrying out, which is actually provide for our customers and thrill them," Wurster said.Since Bettinger managed in 2008, the business's client properties have actually expanded to $9.74 trillion from $1.14 trillion, and customer brokerage firm accounts have developed to much more than 43 thousand from far fewer than 10 thousand. This development schedules in part to Schwab's achievement of TD Ameritrade, which enclosed 2020. Bettinger pointed out on "Squawk Container" that the integration of Ameritrade was actually completed earlier this year and was an additional explanation that he presumed this was actually a great time to step apart coming from the chief executive officer role.Schwab's inventory has actually risen around 150% during the course of Bettinger's period, which started during the economic crisis, yet it has underperformed the broader market over recent two years." I frequently point out that few Chief executive officers halve their firm's stock price in the 1st 90 days, but that was practically what I strolled in to in the economic situation," Bettinger pointed out on "Squawk Carton." Reveals of Schwab were actually down about 1% in morning trading Tuesday.