.Charles Schwab Chief Executive Officer Walt Bettinger is retiring from his role at the end of December after 16 years leading the broker agent firm, the company announced Tuesday.Bettinger will definitely be actually substituted on Jan. 1, 2025, by Charles Schwab President 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 statement, Bettinger cited his 65th birthday celebration next year as a reason to step apart and commended the option of Wurster." The Schwab Panel's helpful and also self-displined technique to progression preparing helps create this change smooth. Rick Wurster as well as I have actually interacted daily for more than eight years. I possess complete self-confidence in his management, as well as I am actually delighted that the Schwab Panel of Supervisors has actually selected him as my successor," the claim said.In an interview on CNBC's "Squawk Package," Wurster showed that there will not be actually any prompt adjustment in tactic with the CEO handoff." I don't presume there will be a transition in the sense that our team are actually mosting likely to proceed what we have actually been carrying out, which is provide for our clients and also delight them," Wurster said.Since Bettinger consumed in 2008, the company's client assets have increased to $9.74 mountain from $1.14 mountain, and also customer stock broker accounts have developed to greater than 43 million coming from less than 10 million. This growth is due in part to Schwab's acquisition of TD Ameritrade, which approached 2020. Bettinger pointed out on "Squawk Box" that the combination of Ameritrade was actually completed earlier this year and also was one more cause that he presumed this was a happy times to tip aside from the chief executive officer role.Schwab's sell has risen around 150% during Bettinger's period, which started in the middle of the financial problems, yet it has actually underperformed the more comprehensive market over the past pair of years." I usually point out that not many CEOs halve their company's supply price in the very first 90 times, but that was practically what I strolled in to in the financial problems," Bettinger said on "Squawk Box." Shares of Schwab were down around 1% in morning exchanging Tuesday.