.Charles Schwab Chief Executive Officer Walt Bettinger is retiring from his part by the end of December after 16 years leading the stock broker company, the firm declared Tuesday.Bettinger will definitely be actually switched out on Jan. 1, 2025, through Charles Schwab Head Of State Rick Wurster. Bettinger will remain as the co-chair of Schwab's board.Stock Graph IconStock chart iconCharles Schwab, 5 yearsIn a claim, Bettinger cited his 65th birthday upcoming year as a factor to step aside and praised the selection of Wurster." The Schwab Board's thoughtful and also self-displined technique to sequence planning helps make this switch smooth. Rick Wurster and also I have cooperated every day for much more than eight years. I possess full peace of mind in his management, and I am actually 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 indicated that there would certainly not be any kind of prompt modification in tactic with the CEO handoff." I do not believe there will definitely be a transition in the sense that our experts are actually visiting continue what we've been actually performing, which is actually supply for our clients and also delight all of them," Wurster said.Since Bettinger took over in 2008, the firm's client possessions have expanded to $9.74 trillion coming from $1.14 trillion, as well as customer broker agent accounts have actually expanded to more than 43 million from less than 10 thousand. This growth schedules partially to Schwab's acquisition of TD Ameritrade, which approached 2020. Bettinger claimed on "Squawk Container" that the integration of Ameritrade was finished previously this year as well as was yet another main reason that he presumed this was actually a good time to tip aside from the chief executive officer role.Schwab's supply has actually gone up approximately 150% during the course of Bettinger's period, which began during the monetary problems, but it has underperformed the wider market over the past pair of years." I often state that few Chief executive officers halve their provider's supply price in the very first 90 days, yet that was actually essentially what I walked into in the economic dilemma," Bettinger pointed out on "Squawk Box." Allotments of Schwab were down around 1% in early morning trading Tuesday.