.Charles Schwab Chief Executive Officer Walt Bettinger is actually relinquishing his part by the end of December after 16 years leading the brokerage company, the firm introduced Tuesday.Bettinger will definitely be changed on Jan. 1, 2025, by Charles Schwab Head Of State Rick Wurster. Bettinger is going to stay as the co-chair of Schwab's board.Stock Graph IconStock chart iconCharles Schwab, 5 yearsIn a statement, Bettinger cited his 65th birthday party following year as an explanation to tip apart and also applauded the option of Wurster." The Schwab Board's thoughtful and self-displined approach to succession planning helps make this switch smooth. Rick Wurster as well as I have interacted daily for much more than 8 years. I have full self-confidence in his management, and I am delighted that the Schwab Board of Supervisors has actually chosen him as my follower," the statement said.In a meeting on CNBC's "Squawk Package," Wurster suggested that there will certainly not be actually any instant change in tactic along with the CEO handoff." I don't assume there will certainly be a change in the sense that our company're visiting continue what our company've been carrying out, which is actually deliver for our clients and please them," Wurster said.Since Bettinger consumed in 2008, the provider's customer possessions have actually expanded to $9.74 mountain from $1.14 mountain, and also customer brokerage firm accounts have increased to greater than 43 thousand coming from far fewer than 10 thousand. This growth is due in part to Schwab's acquisition of TD Ameritrade, which closed in 2020. Bettinger pointed out on "Squawk Box" that the combination of Ameritrade was actually accomplished previously this year and also was actually another reason that he believed this was actually a happy times to step aside from the CEO role.Schwab's inventory has gone up approximately 150% throughout Bettinger's period, which started in the middle of the economic crisis, but it has underperformed the more comprehensive market over the past 2 years." I often point out that few Chief executive officers halve their firm's supply cost in the 1st 90 times, however that was essentially what I walked right into in the economic dilemma," Bettinger claimed on "Squawk Box." Portions of Schwab were down around 1% in early morning investing Tuesday.