.Charles Schwab Chief Executive Officer Walt Bettinger is relinquishing his function by the end of December after 16 years leading the brokerage organization, the provider revealed Tuesday.Bettinger will definitely be switched out on Jan. 1, 2025, through Charles Schwab President Rick Wurster. Bettinger will remain as the co-chair of Schwab's board.Stock Chart IconStock graph iconCharles Schwab, 5 yearsIn a claim, Bettinger mentioned his 65th birthday celebration following year as an explanation to step aside as well as praised the selection of Wurster." The Schwab Panel's thoughtful and also self-displined technique to progression organizing helps create this transition smooth. Rick Wurster and also I have worked together each day for greater than 8 years. I have comprehensive confidence in his leadership, as well as I am thrilled that the Schwab Panel of Supervisors has actually chosen him as my follower," the declaration said.In an interview on CNBC's "Squawk Package," Wurster signified that there will certainly not be actually any prompt improvement in approach along with the CEO handoff." I do not presume there are going to be a shift in the sense that our team are actually visiting proceed what our team've been actually doing, which is deliver for our customers and also thrill them," Wurster said.Since Bettinger consumed in 2008, the business's customer possessions have actually developed to $9.74 trillion coming from $1.14 mountain, and also client stock broker accounts have actually expanded to more than 43 million from fewer than 10 thousand. This development schedules in part to Schwab's acquisition of TD Ameritrade, which approached 2020. Bettinger claimed on "Squawk Carton" that the combination of Ameritrade was finished earlier this year and also was another cause that he thought this was a great time to step aside coming from the CEO role.Schwab's sell has actually gone up roughly 150% in the course of Bettinger's tenure, which started at the center of the economic dilemma, however it has underperformed the wider market over the past pair of years." I often say that not many Chief executive officers halve their firm's supply price in the first 90 days, however that was actually essentially what I strolled in to in the monetary dilemma," Bettinger mentioned on "Squawk Carton." Portions of Schwab were down around 1% in early morning investing Tuesday.