.Charles Schwab Chief Executive Officer Walt Bettinger is actually relinquishing his role at the end of December after 16 years leading the stock broker firm, the business announced Tuesday.Bettinger is going to be replaced on Jan. 1, 2025, through Charles Schwab Head Of State Rick Wurster. Bettinger will definitely stay as the co-chair of Schwab's board.Stock Chart IconStock chart iconCharles Schwab, 5 yearsIn a statement, Bettinger cited his 65th special day following year as a main reason to step aside and applauded the choice of Wurster." The Schwab Panel's helpful as well as self-displined strategy to sequence organizing helps create this switch smooth. Rick Wurster and also I have interacted each day for much more than 8 years. I have total self-confidence in his leadership, and also I am actually delighted that the Schwab Panel of Directors has picked him as my follower," the claim said.In an interview on CNBC's "Squawk Package," Wurster signified that there would certainly not be any type of urgent change in tactic with the chief executive officer handoff." I don't presume there will certainly be a shift in the sense that our company're heading to proceed what our company have actually been doing, which is provide for our customers as well as thrill them," Wurster said.Since Bettinger managed in 2008, the provider's customer assets have actually increased to $9.74 mountain coming from $1.14 trillion, as well as customer brokerage firm profiles have grown to much more than 43 million from less than 10 thousand. This development is due partly to Schwab's accomplishment of TD Ameritrade, which closed in 2020. Bettinger pointed out on "Squawk Box" that the combination of Ameritrade was actually finished earlier this year as well as was an additional main reason that he believed this was actually a happy times to step aside from the chief executive officer role.Schwab's sell has increased roughly 150% in the course of Bettinger's period, which started during the economic problems, yet it has underperformed the broader market over recent pair of years." I often mention that very few CEOs halve their provider's sell cost in the 1st 90 days, yet that was actually practically what I walked in to in the financial problems," Bettinger mentioned on "Squawk Box." Reveals of Schwab were down around 1% in early morning exchanging Tuesday.