.Charles Schwab Chief Executive Officer Walt Bettinger is actually retiring from his duty by the end of December after 16 years leading the broker agent agency, the provider introduced Tuesday.Bettinger is going to be actually switched out on Jan. 1, 2025, through Charles Schwab President Rick Wurster. Bettinger is going to continue to be as the co-chair of Schwab's board.Stock Chart IconStock chart iconCharles Schwab, 5 yearsIn a statement, Bettinger cited his 65th birthday celebration next year as a main reason to tip apart and also complimented the choice of Wurster." The Schwab Panel's considerate and regimented method to succession preparation assists create this transition smooth. Rick Wurster as well as I have interacted every day for more than eight years. I have total confidence in his management, as well as I am thrilled that the Schwab Panel of Supervisors has selected him as my successor," the claim said.In an interview on CNBC's "Squawk Container," Wurster suggested that there would certainly not be any prompt improvement in strategy with the chief executive officer handoff." I don't presume there are going to be a change in the sense that our experts are actually going to continue what we've been doing, which is supply for our customers as well as please all of them," Wurster said.Since Bettinger consumed in 2008, the business's client assets have actually developed to $9.74 mountain coming from $1.14 mountain, as well as client stock broker profiles have actually grown to more than 43 thousand from fewer than 10 thousand. This growth schedules in part to Schwab's achievement of TD Ameritrade, which closed in 2020. Bettinger mentioned on "Squawk Carton" that the assimilation of Ameritrade was actually accomplished earlier this year and was yet another factor that he believed this was a great time to step aside from the CEO role.Schwab's sell has increased around 150% throughout Bettinger's period, which started at the center of the economic dilemma, but it has actually underperformed the wider market over recent pair of years." I typically mention that not many Chief executive officers halve their firm's stock cost in the 1st 90 days, however that was actually practically what I walked in to in the financial problems," Bettinger claimed on "Squawk Carton." Allotments of Schwab were actually down around 1% in morning trading Tuesday.