.Charles Schwab Chief Executive Officer Walt Bettinger is actually retiring from his job by the end of December after 16 years leading the brokerage organization, the business introduced Tuesday.Bettinger will definitely be actually replaced on Jan. 1, 2025, through Charles Schwab President Rick Wurster. Bettinger will stay as the co-chair of Schwab's board.Stock Chart IconStock chart iconCharles Schwab, 5 yearsIn a statement, Bettinger cited his 65th birthday celebration upcoming year as a reason to step aside as well as applauded the selection of Wurster." The Schwab Board's thoughtful as well as regimented strategy to progression preparing assists create this switch smooth. Rick Wurster and also I have actually worked together each day for more than 8 years. I have full self-confidence in his leadership, as well as I am delighted that the Schwab Board of Supervisors has actually selected him as my follower," the declaration said.In an interview on CNBC's "Squawk Package," Wurster showed that there would certainly not be actually any type of urgent change in tactic along with the CEO handoff." I don't assume there are going to be a shift in the feeling that our experts're heading to proceed what we have actually been performing, which is actually supply for our clients as well as delight all of them," Wurster said.Since Bettinger managed in 2008, the provider's client assets have actually developed to $9.74 trillion coming from $1.14 mountain, and also customer brokerage firm profiles have increased to greater than 43 thousand from fewer than 10 million. This growth is due in part to Schwab's acquisition of TD Ameritrade, which closed in 2020. Bettinger claimed on "Squawk Box" that the assimilation of Ameritrade was actually completed earlier this year and was actually an additional main reason that he believed this was a great time to step aside from the chief executive officer role.Schwab's inventory has actually risen approximately 150% during Bettinger's tenure, which began at the center of the economic situation, but it has underperformed the more comprehensive market over the past two years." I commonly mention that not many CEOs halve their company's supply rate in the first 90 days, however that was virtually what I walked into in the economic problems," Bettinger claimed on "Squawk Carton." Allotments of Schwab were down about 1% in morning investing Tuesday.