.Charles Schwab CEO Walt Bettinger is actually relinquishing his task at the end of December after 16 years leading the stock broker organization, the company announced Tuesday.Bettinger will be substituted on Jan. 1, 2025, through Charles Schwab Head Of State Rick Wurster. Bettinger will certainly stay as the co-chair of Schwab's board.Stock Graph IconStock chart iconCharles Schwab, 5 yearsIn a claim, Bettinger cited his 65th birthday party next year as a reason to tip aside and also applauded the option of Wurster." The Schwab Panel's helpful as well as self-displined method to succession preparation aids make this transition smooth. Rick Wurster as well as I have worked together on a daily basis for much more than eight years. I possess full self-confidence in his management, and also I am actually thrilled that the Schwab Panel of Directors has picked him as my successor," the statement said.In a meeting on CNBC's "Squawk Package," Wurster suggested that there would certainly not be any instant improvement in strategy with the CEO handoff." I don't assume there will definitely be actually a switch in the feeling that we are actually visiting continue what we have actually been doing, which is actually deliver for our clients and delight them," Wurster said.Since Bettinger consumed in 2008, the company's customer possessions have actually grown to $9.74 mountain coming from $1.14 mountain, as well as client brokerage firm profiles have actually expanded to greater than 43 million from fewer than 10 million. This growth is due partially to Schwab's acquisition of TD Ameritrade, which closed in 2020. Bettinger said on "Squawk Package" that the combination of Ameritrade was finished previously this year as well as was actually another cause that he presumed this was actually a good time to step apart coming from the CEO role.Schwab's sell has actually risen about 150% during Bettinger's period, which began at the center of the economic crisis, yet it has actually underperformed the wider market over the past 2 years." I often point out that very few CEOs halve their company's supply rate in the initial 90 times, but that was basically what I walked right into in the economic dilemma," Bettinger stated on "Squawk Box." Shares of Schwab were actually down around 1% in morning trading Tuesday.