.Charles Schwab CEO Walt Bettinger is retiring from his task in the end of December after 16 years leading the brokerage company, the firm announced Tuesday.Bettinger will definitely be substituted on Jan. 1, 2025, by Charles Schwab President Rick Wurster. Bettinger will definitely remain as the co-chair of Schwab's board.Stock Graph IconStock chart iconCharles Schwab, 5 yearsIn a claim, Bettinger presented his 65th special day upcoming year as a main reason to step aside and also complimented the option of Wurster." The Schwab Panel's well thought-out as well as regimented strategy to sequence organizing helps create this switch smooth. Rick Wurster and I have actually cooperated on a daily basis for much more than eight years. I possess total peace of mind in his management, as well as I am thrilled that the Schwab Panel of Supervisors has chosen him as my successor," the statement said.In a job interview on CNBC's "Squawk Package," Wurster showed that there will certainly not be any urgent adjustment in approach along with the CEO handoff." I don't think there will definitely be actually a change in the feeling that our team are actually going to continue what our experts've been performing, which is provide for our clients as well as thrill all of them," Wurster said.Since Bettinger took control of in 2008, the firm's customer assets have increased to $9.74 mountain coming from $1.14 trillion, and customer brokerage firm profiles have grown to much more than 43 million coming from far fewer than 10 million. This development is due partly to Schwab's accomplishment of TD Ameritrade, which closed in 2020. Bettinger stated on "Squawk Container" that the assimilation of Ameritrade was actually finished earlier this year and also was actually an additional explanation that he believed this was a good time to step apart from the chief executive officer role.Schwab's stock has increased roughly 150% during Bettinger's tenure, which began in the middle of the economic crisis, however it has underperformed the wider market over recent 2 years." I commonly mention that few Chief executive officers halve their firm's inventory cost in the initial 90 days, but that was actually virtually what I walked right into in the economic crisis," Bettinger pointed out on "Squawk Container." Shares of Schwab were actually down about 1% in early morning exchanging Tuesday.