.Charles Schwab CEO Walt Bettinger is actually retiring from his role in the end of December after 16 years leading the stock broker company, the firm announced Tuesday.Bettinger is going to be actually switched out on Jan. 1, 2025, by Charles Schwab Head Of State Rick Wurster. Bettinger is going to continue to be as the co-chair of Schwab's board.Stock Chart IconStock chart iconCharles Schwab, 5 yearsIn a claim, Bettinger presented his 65th birthday celebration next year as a main reason to step aside and also complimented the choice of Wurster." The Schwab Board's thoughtful as well as disciplined strategy to sequence organizing assists make this switch smooth. Rick Wurster as well as I have collaborated daily for greater than 8 years. I have comprehensive self-confidence in his management, and I am delighted that the Schwab Panel of Directors has actually selected him as my follower," the declaration said.In a job interview on CNBC's "Squawk Container," Wurster signified that there will certainly not be any sort of immediate adjustment in method with the chief executive officer handoff." I don't presume there will be actually a transition in the sense that our experts are actually heading to proceed what our company've been actually carrying out, which is actually deliver for our customers and also please them," Wurster said.Since Bettinger consumed in 2008, the firm's client assets have grown to $9.74 trillion from $1.14 trillion, and client brokerage profiles have increased to much more than 43 million coming from less than 10 million. This growth schedules in part to Schwab's achievement of TD Ameritrade, which enclosed 2020. Bettinger stated on "Squawk Carton" that the assimilation of Ameritrade was actually finished earlier this year as well as was yet another factor that he thought this was actually a happy times to step apart coming from the CEO role.Schwab's sell has actually gone up approximately 150% during Bettinger's tenure, which started during the monetary problems, but it has actually underperformed the wider market over recent two years." I usually state that few CEOs halve their provider's stock cost in the 1st 90 times, however that was actually basically what I walked into in the monetary dilemma," Bettinger claimed on "Squawk Package." Shares of Schwab were actually down around 1% in early morning exchanging Tuesday.