.Charles Schwab CEO Walt Bettinger is actually retiring from his function at the end of December after 16 years leading the stock broker firm, the company declared Tuesday.Bettinger is going to 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 Graph IconStock chart iconCharles Schwab, 5 yearsIn a claim, Bettinger cited his 65th birthday party upcoming year as a cause to step aside as well as complimented the choice of Wurster." The Schwab Panel's considerate and also disciplined approach to sequence organizing aids make this transition smooth. Rick Wurster and also I have interacted each day for greater than 8 years. I possess complete peace of mind in his leadership, as well as I am actually delighted that the Schwab Board of Supervisors has picked him as my successor," the declaration said.In an interview on CNBC's "Squawk Container," Wurster suggested that there would certainly certainly not be any type of quick modification in strategy with the chief executive officer handoff." I do not assume there will be actually a shift in the sense that our experts're heading to continue what our company have actually been performing, which is actually provide for our clients and please them," Wurster said.Since Bettinger took control of in 2008, the business's customer assets have grown to $9.74 mountain coming from $1.14 mountain, and also client broker agent profiles have actually expanded to much more than 43 million from fewer than 10 thousand. This development schedules in part to Schwab's achievement of TD Ameritrade, which enclosed 2020. Bettinger claimed on "Squawk Carton" that the integration of Ameritrade was finished earlier this year and also was yet another factor that he thought this was actually a happy times to step apart from the chief executive officer role.Schwab's stock has risen roughly 150% throughout Bettinger's tenure, which started during the financial problems, yet it has actually underperformed the more comprehensive market over recent two years." I commonly claim that few Chief executive officers halve their company's stock rate in the first 90 times, however that was actually practically what I strolled into in the financial situation," Bettinger pointed out on "Squawk Carton." Portions of Schwab were down approximately 1% in early morning trading Tuesday.