.Charles Schwab CEO Walt Bettinger is retiring from his job in the end of December after 16 years leading the brokerage agency, the business introduced Tuesday.Bettinger will certainly be actually switched out on Jan. 1, 2025, by Charles Schwab Head Of State Rick Wurster. Bettinger will definitely stay as the co-chair of Schwab's board.Stock Chart IconStock graph iconCharles Schwab, 5 yearsIn a declaration, Bettinger cited his 65th birthday upcoming year as an explanation to tip apart as well as commended the choice of Wurster." The Schwab Board's helpful and also regimented technique to sequence preparing helps make this change smooth. Rick Wurster and I have actually collaborated on a daily basis for greater than eight years. I have total peace of mind in his leadership, and I am delighted that the Schwab Board of Directors has actually selected him as my follower," the statement said.In a meeting on CNBC's "Squawk Box," Wurster indicated that there would certainly not be actually any kind of instant modification in approach with the chief executive officer handoff." I don't presume there will certainly be a shift in the sense that our experts're mosting likely to continue what our company have actually been actually carrying out, which is actually provide for our clients and also thrill them," Wurster said.Since Bettinger took control of in 2008, the firm's customer assets have actually developed to $9.74 mountain coming from $1.14 trillion, as well as client brokerage firm accounts have increased to more than 43 million coming from less than 10 million. This growth is due partly to Schwab's achievement of TD Ameritrade, which approached 2020. Bettinger stated on "Squawk Package" that the combination of Ameritrade was actually accomplished previously this year as well as was actually yet another reason that he believed this was a happy times to step aside coming from the chief executive officer role.Schwab's inventory has actually risen roughly 150% during Bettinger's tenure, which started during the financial crisis, yet it has underperformed the wider market over recent 2 years." I frequently say that not many CEOs halve their provider's inventory price in the first 90 times, but that was actually pretty much what I walked in to in the economic crisis," Bettinger said on "Squawk Package." Allotments of Schwab were down approximately 1% in morning investing Tuesday.