.Charles Schwab CEO Walt Bettinger is retiring from his role at the end of December after 16 years leading the brokerage firm, the business announced Tuesday.Bettinger will be substituted on Jan. 1, 2025, by 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 statement, Bettinger cited his 65th birthday party upcoming year as a main reason to tip aside and praised the choice of Wurster." The Schwab Panel's well thought-out and self-displined technique to sequence preparation assists create this transition smooth. Rick Wurster as well as I have cooperated daily for more than eight years. I have total confidence in his management, and I am actually delighted that the Schwab Panel of Supervisors has actually picked him as my successor," the declaration said.In an interview on CNBC's "Squawk Carton," Wurster showed that there will certainly not be any prompt modification in tactic along with the CEO handoff." I don't believe there will certainly be actually a transition in the sense that our company are actually going to continue what our experts have actually been carrying out, which is actually supply for our customers as well as please them," Wurster said.Since Bettinger consumed in 2008, the provider's customer assets have actually grown to $9.74 mountain from $1.14 mountain, as well as customer brokerage accounts have actually increased to more than 43 thousand from less than 10 million. This development is due in part to Schwab's accomplishment of TD Ameritrade, which approached 2020. Bettinger mentioned on "Squawk Box" that the combination of Ameritrade was accomplished earlier this year as well as was actually another factor that he thought this was actually a happy times to tip apart coming from the chief executive officer role.Schwab's inventory has actually increased roughly 150% during Bettinger's tenure, which started during the monetary situation, yet it has underperformed the broader market over the past 2 years." I commonly point out that few Chief executive officers halve their business's inventory cost in the 1st 90 days, yet that was actually basically what I walked into in the economic dilemma," Bettinger claimed on "Squawk Box." Portions of Schwab were actually down about 1% in early morning investing Tuesday.