.Charles Schwab Chief Executive Officer Walt Bettinger is actually relinquishing his role in the end of December after 16 years leading the broker agent company, the business declared Tuesday.Bettinger is going to be replaced 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 claim, Bettinger cited his 65th birthday celebration following year as a reason to tip apart and applauded the choice of Wurster." The Schwab Board's helpful as well as self-displined method to succession preparation helps make this switch smooth. Rick Wurster and I have cooperated every day for more than 8 years. I possess comprehensive self-confidence in his management, and I am actually delighted that the Schwab Panel of Supervisors has actually chosen him as my successor," the statement said.In a meeting on CNBC's "Squawk Box," Wurster showed that there will not be actually any immediate change in method with the CEO handoff." I do not think there will certainly be actually a shift in the sense that our company're going to proceed what our experts've been carrying out, which is provide for our customers and also thrill them," Wurster said.Since Bettinger took over in 2008, the business's customer possessions have grown to $9.74 trillion from $1.14 mountain, and customer stock broker profiles have grown to more than 43 million from fewer than 10 million. This growth schedules partly to Schwab's accomplishment of TD Ameritrade, which closed in 2020. Bettinger mentioned on "Squawk Box" that the integration of Ameritrade was finished earlier this year and also was actually an additional reason that he thought this was a happy times to step apart from the CEO role.Schwab's sell has actually climbed approximately 150% throughout Bettinger's tenure, which began at the center of the economic problems, however it has actually underperformed the wider market over the past two years." I usually mention that not many Chief executive officers halve their company's inventory price in the initial 90 times, yet that was actually virtually what I strolled right into in the financial situation," Bettinger mentioned on "Squawk Container." Portions of Schwab were actually down about 1% in morning exchanging Tuesday.