.Charles Schwab Chief Executive Officer Walt Bettinger is actually relinquishing his part at the end of December after 16 years leading the broker agent company, the company announced Tuesday.Bettinger will definitely be substituted on Jan. 1, 2025, through Charles Schwab President 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 birthday following year as a reason to tip apart as well as praised the choice of Wurster." The Schwab Board's thoughtful and also regimented technique to progression planning helps make this shift smooth. Rick Wurster as well as I have worked together daily for more than 8 years. I have comprehensive assurance in his management, and also I am thrilled that the Schwab Board of Supervisors has actually chosen him as my follower," the declaration said.In a job interview on CNBC's "Squawk Container," Wurster indicated that there would not be actually any kind of prompt adjustment in tactic along with the chief executive officer handoff." I do not think there will definitely be actually a switch in the sense that our team're heading to continue what our experts have actually been actually carrying out, which is actually provide for our clients as well as thrill them," Wurster said.Since Bettinger took over in 2008, the firm's client properties have actually grown to $9.74 mountain coming from $1.14 trillion, and client broker agent accounts have grown to much more than 43 million from far fewer than 10 million. This development is due in part to Schwab's accomplishment of TD Ameritrade, which approached 2020. Bettinger claimed on "Squawk Carton" that the assimilation of Ameritrade was accomplished previously this year and also was another cause that he presumed this was actually a happy times to step aside from the chief executive officer role.Schwab's sell has actually risen about 150% during Bettinger's period, which started during the financial situation, however it has underperformed the broader market over recent two years." I frequently claim that not many CEOs halve their business's sell price in the first 90 days, however that was actually essentially what I strolled into in the financial situation," Bettinger said on "Squawk Package." Portions of Schwab were down about 1% in early morning exchanging Tuesday.