.Charles Schwab CEO Walt Bettinger is actually relinquishing his task at the end of December after 16 years leading the stock broker organization, the business revealed Tuesday.Bettinger will certainly be replaced on Jan. 1, 2025, by Charles Schwab President Rick Wurster. Bettinger will certainly remain as the co-chair of Schwab's board.Stock Chart IconStock chart iconCharles Schwab, 5 yearsIn a statement, Bettinger presented his 65th birthday celebration upcoming year as a factor to step aside and also complimented the choice of Wurster." The Schwab Board's helpful and regimented approach to sequence preparation aids create this shift smooth. Rick Wurster and also I have worked together every day for much more than eight years. I have total confidence in his leadership, and also I am actually delighted that the Schwab Panel of Supervisors has actually chosen him as my successor," the statement said.In an interview on CNBC's "Squawk Package," Wurster signified that there will not be actually any kind of quick improvement in tactic along with the chief executive officer handoff." I don't believe there will definitely be a switch in the sense that our experts are actually visiting proceed what our experts have actually been doing, which is provide for our clients as well as please all of them," Wurster said.Since Bettinger consumed in 2008, the firm's client properties have actually grown to $9.74 mountain from $1.14 trillion, as well as client brokerage accounts have expanded to greater than 43 thousand from less than 10 million. This development is due in part to Schwab's acquisition of TD Ameritrade, which enclosed 2020. Bettinger said on "Squawk Box" that the combination of Ameritrade was actually accomplished earlier this year and was actually yet another main reason that he thought this was actually a happy times to step apart from the CEO role.Schwab's stock has climbed roughly 150% during Bettinger's period, which started during the monetary problems, yet it has underperformed the more comprehensive market over the past two years." I commonly point out that not many Chief executive officers halve their provider's supply rate in the first 90 times, but that was virtually what I strolled right into in the economic situation," Bettinger mentioned on "Squawk Container." Shares of Schwab were actually down approximately 1% in early morning exchanging Tuesday.