.Charles Schwab CEO Walt Bettinger is actually relinquishing his job in the end of December after 16 years leading the broker agent firm, the company introduced Tuesday.Bettinger will definitely be actually replaced on Jan. 1, 2025, by Charles Schwab Head Of State Rick Wurster. Bettinger will certainly continue to be as the co-chair of Schwab's board.Stock Chart IconStock chart iconCharles Schwab, 5 yearsIn a declaration, Bettinger cited his 65th birthday party upcoming year as a reason to step aside and applauded the selection of Wurster." The Schwab Board's considerate and disciplined technique to progression organizing assists make this change smooth. Rick Wurster and I have actually cooperated everyday for more than eight years. I possess complete self-confidence in his leadership, as well as I am thrilled that the Schwab Board of Supervisors has actually selected him as my successor," the statement said.In a job interview on CNBC's "Squawk Package," Wurster indicated that there will certainly not be actually any sort of instant adjustment in strategy with the CEO handoff." I do not believe there will definitely be actually a shift in the sense that our team're mosting likely to proceed what our company have actually been actually doing, which is actually supply for our clients and thrill them," Wurster said.Since Bettinger managed in 2008, the company's client assets have actually increased to $9.74 mountain coming from $1.14 trillion, and also customer stock broker profiles have actually expanded to greater than 43 thousand from fewer than 10 million. This development is due partially to Schwab's acquisition of TD Ameritrade, which closed in 2020. Bettinger stated on "Squawk Carton" that the combination of Ameritrade was actually accomplished previously this year and was another explanation that he believed this was a good time to tip aside from the CEO role.Schwab's sell has increased around 150% during the course of Bettinger's period, which started in the middle of the economic problems, yet it has underperformed the broader market over recent two years." I commonly claim that not many CEOs halve their provider's sell rate in the 1st 90 days, however that was more or less what I strolled in to in the economic situation," Bettinger claimed on "Squawk Carton." Portions of Schwab were down approximately 1% in morning trading Tuesday.