.Charles Schwab Chief Executive Officer Walt Bettinger is actually relinquishing his job in the end of December after 16 years leading the brokerage organization, the company revealed Tuesday.Bettinger will be actually switched out on Jan. 1, 2025, by 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 statement, Bettinger cited his 65th birthday celebration next year as a cause to step apart as well as complimented the choice of Wurster." The Schwab Board's considerate and also disciplined method to succession preparing aids create this switch smooth. Rick Wurster and I have actually worked together every day for more than eight years. I have full peace of mind in his leadership, and also I am delighted that the Schwab Board of Supervisors has selected him as my successor," the declaration said.In a meeting on CNBC's "Squawk Carton," Wurster signified that there would not be actually any kind of immediate change in strategy along with the CEO handoff." I don't think there will be a transition in the feeling that our company are actually mosting likely to proceed what our company have actually been doing, which is provide for our clients as well as please all of them," Wurster said.Since Bettinger took control of in 2008, the company's client resources have actually expanded to $9.74 mountain from $1.14 trillion, and customer brokerage profiles have actually increased to much more than 43 million from fewer than 10 thousand. This growth is due partly to Schwab's acquisition of TD Ameritrade, which approached 2020. Bettinger said on "Squawk Container" that the combination of Ameritrade was actually completed earlier this year as well as was yet another cause that he assumed this was actually a good time to step aside from the CEO role.Schwab's stock has actually gone up approximately 150% in the course of Bettinger's tenure, which began in the middle of the economic situation, yet it has actually underperformed the wider market over recent pair of years." I typically mention that very few CEOs halve their company's stock rate in the initial 90 days, yet that was virtually what I strolled in to in the economic crisis," Bettinger mentioned on "Squawk Carton." Allotments of Schwab were actually down around 1% in early morning trading Tuesday.