.Charles Schwab CEO Walt Bettinger is actually relinquishing his task in the end of December after 16 years leading the stock broker agency, the business introduced Tuesday.Bettinger will be substituted on Jan. 1, 2025, by Charles Schwab President 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 declaration, Bettinger cited his 65th birthday party following year as a cause to step apart and also praised the choice of Wurster." The Schwab Board's helpful and also disciplined approach to succession organizing helps create this change smooth. Rick Wurster as well as I have actually interacted daily for more than eight years. I have total confidence in his leadership, and I am actually thrilled that the Schwab Board of Supervisors has actually picked him as my follower," the claim said.In a job interview on CNBC's "Squawk Box," Wurster showed that there will not be actually any kind of urgent improvement in method along with the CEO handoff." I do not assume there are going to be actually a change in the sense that our company're mosting likely to proceed what our company've been carrying out, which is actually deliver for our customers and delight all of them," Wurster said.Since Bettinger consumed in 2008, the company's client assets have actually increased to $9.74 trillion from $1.14 trillion, and client broker agent profiles have actually developed to much more than 43 million coming from far fewer than 10 million. This development is due in part to Schwab's achievement of TD Ameritrade, which approached 2020. Bettinger said on "Squawk Carton" that the integration of Ameritrade was actually completed earlier this year as well as was actually an additional factor that he assumed this was a great time to step apart coming from the CEO role.Schwab's sell has actually risen around 150% during Bettinger's period, which started during the economic dilemma, yet it has actually underperformed the more comprehensive market over recent 2 years." I typically point out that not many CEOs halve their firm's stock rate in the initial 90 days, however that was actually pretty much what I strolled in to in the financial situation," Bettinger mentioned on "Squawk Package." Portions of Schwab were down about 1% in early morning investing Tuesday.