.Charles Schwab CEO Walt Bettinger is actually relinquishing his task by the end of December after 16 years leading the stock broker organization, the provider revealed Tuesday.Bettinger will definitely be actually substituted on Jan. 1, 2025, through Charles Schwab President Rick Wurster. Bettinger will continue to be as the co-chair of Schwab's board.Stock Graph IconStock chart iconCharles Schwab, 5 yearsIn a claim, Bettinger cited his 65th special day following year as a reason to step apart and applauded the selection of Wurster." The Schwab Panel's well thought-out and regimented technique to sequence preparation aids create this shift smooth. Rick Wurster and also I have actually cooperated everyday for more than eight years. I have full self-confidence in his management, as well as I am actually delighted that the Schwab Panel of Supervisors has picked him as my follower," the declaration said.In a meeting on CNBC's "Squawk Box," Wurster indicated that there will certainly not be any type of immediate improvement in tactic along with the CEO handoff." I do not presume there are going to be a change in the feeling that our experts are actually visiting proceed what our experts've been actually carrying out, which is actually supply for our clients and delight them," Wurster said.Since Bettinger managed in 2008, the company's customer assets have increased to $9.74 mountain coming from $1.14 mountain, and also client broker agent accounts have actually expanded to greater than 43 thousand from far fewer than 10 million. This development is due partially to Schwab's accomplishment of TD Ameritrade, which closed in 2020. Bettinger mentioned on "Squawk Box" that the combination of Ameritrade was completed previously this year and was another main reason that he assumed this was actually a great time to step apart coming from the chief executive officer role.Schwab's stock has actually increased around 150% in the course of Bettinger's tenure, which began at the center of the economic problems, but it has actually underperformed the wider market over the past two years." I usually claim that very few CEOs halve their company's stock price in the 1st 90 times, yet that was pretty much what I strolled into in the economic situation," Bettinger mentioned on "Squawk Box." Reveals of Schwab were actually down approximately 1% in early morning trading Tuesday.