.Charles Schwab Chief Executive Officer Walt Bettinger is actually retiring from his function by the end of December after 16 years leading the broker agent company, the business announced Tuesday.Bettinger will be actually switched out on Jan. 1, 2025, through Charles Schwab President Rick Wurster. Bettinger is going to remain as the co-chair of Schwab's board.Stock Chart IconStock chart iconCharles Schwab, 5 yearsIn a declaration, Bettinger cited his 65th birthday celebration upcoming year as a main reason to step apart and applauded the selection of Wurster." The Schwab Panel's well thought-out and self-displined technique to succession planning helps create this change smooth. Rick Wurster and I have actually cooperated daily for more than 8 years. I possess full assurance in his leadership, and also I am delighted that the Schwab Board of Supervisors has selected him as my follower," the declaration said.In a meeting on CNBC's "Squawk Box," Wurster suggested that there will not be any urgent adjustment in approach with the chief executive officer handoff." I don't believe there will definitely be actually a shift in the sense that our experts're visiting proceed what our company have actually been actually performing, which is supply for our customers and also delight them," Wurster said.Since Bettinger took control of in 2008, the business's customer assets have actually developed to $9.74 trillion coming from $1.14 mountain, and also customer broker agent accounts have increased to greater than 43 thousand from fewer than 10 thousand. This development schedules partly to Schwab's accomplishment of TD Ameritrade, which approached 2020. Bettinger stated on "Squawk Container" that the combination of Ameritrade was actually completed previously this year as well as was yet another reason that he assumed this was a good time to tip aside from the CEO role.Schwab's stock has risen roughly 150% throughout Bettinger's tenure, which started during the economic dilemma, but it has actually underperformed the wider market over the past two years." I often say that not many Chief executive officers halve their provider's sell cost in the 1st 90 times, yet that was more or less what I strolled into in the monetary problems," Bettinger mentioned on "Squawk Box." Portions of Schwab were down about 1% in early morning investing Tuesday.