.Charles Schwab CEO Walt Bettinger is actually relinquishing his task at the end of December after 16 years leading the stock broker firm, the firm announced Tuesday.Bettinger will definitely be replaced on Jan. 1, 2025, by Charles Schwab President Rick Wurster. Bettinger will definitely remain as the co-chair of Schwab's board.Stock Chart IconStock chart iconCharles Schwab, 5 yearsIn a declaration, Bettinger cited his 65th birthday celebration following year as a reason to tip aside and praised the choice of Wurster." The Schwab Panel's well thought-out and regimented strategy to progression preparing assists create this transition smooth. Rick Wurster and I have actually collaborated daily for greater than 8 years. I possess complete peace of mind in his management, and also I am delighted that the Schwab Board of Directors has picked him as my successor," the declaration said.In a job interview on CNBC's "Squawk Package," Wurster signified that there would certainly certainly not be actually any sort of instant adjustment in strategy with the CEO handoff." I do not think there will definitely be actually a change in the feeling that our experts are actually heading to continue what our company've been doing, which is actually supply for our customers and thrill all of them," Wurster said.Since Bettinger took over in 2008, the provider's customer properties have grown to $9.74 trillion from $1.14 trillion, and customer broker agent accounts have increased to much more than 43 thousand coming from fewer than 10 million. This development is due in part to Schwab's accomplishment of TD Ameritrade, which closed in 2020. Bettinger claimed on "Squawk Box" that the integration of Ameritrade was actually accomplished earlier this year and also was another cause that he assumed this was actually a happy times to step aside coming from the chief executive officer role.Schwab's sell has climbed roughly 150% throughout Bettinger's period, which began at the center of the monetary dilemma, yet it has actually underperformed the wider market over recent 2 years." I often state that very few Chief executive officers halve their company's supply price in the initial 90 times, but that was actually more or less what I strolled right into in the economic crisis," Bettinger mentioned on "Squawk Carton." Portions of Schwab were down around 1% in morning exchanging Tuesday.