.Charles Schwab Chief Executive Officer Walt Bettinger is relinquishing his function by the end of December after 16 years leading the brokerage agency, the company announced Tuesday.Bettinger will definitely be actually substituted on Jan. 1, 2025, through Charles Schwab President Rick Wurster. Bettinger is going to stay as the co-chair of Schwab's board.Stock Chart IconStock graph iconCharles Schwab, 5 yearsIn a declaration, Bettinger mentioned his 65th birthday party next year as a cause to step aside and also complimented the choice of Wurster." The Schwab Panel's well thought-out and also self-displined strategy to succession planning aids create this transition smooth. Rick Wurster and I have actually cooperated each day for much more than 8 years. I possess total peace of mind in his management, as well as I am actually thrilled that the Schwab Panel of Directors has actually chosen him as my follower," the statement said.In an interview on CNBC's "Squawk Container," Wurster suggested that there would certainly not be any prompt improvement in approach along with the CEO handoff." I do not believe there are going to be a shift in the sense that our company are actually going to continue what our experts've been actually doing, which is deliver for our customers and also please them," Wurster said.Since Bettinger took over in 2008, the business's client possessions have grown to $9.74 trillion from $1.14 mountain, and also customer brokerage firm profiles have expanded to more than 43 million from far fewer than 10 million. This growth is due partly to Schwab's achievement of TD Ameritrade, which enclosed 2020. Bettinger pointed out on "Squawk Package" that the assimilation of Ameritrade was finished previously this year and also was actually another main reason that he believed this was actually a good time to step apart from the CEO role.Schwab's stock has increased around 150% during Bettinger's tenure, which started at the center of the economic problems, yet it has underperformed the wider market over recent two years." I frequently claim that not many Chief executive officers halve their provider's inventory rate in the 1st 90 times, however that was basically what I strolled into in the economic situation," Bettinger claimed on "Squawk Carton." Portions of Schwab were actually down approximately 1% in morning investing Tuesday.