.Charles Schwab Chief Executive Officer Walt Bettinger is relinquishing his function at the end of December after 16 years leading the brokerage company, the business introduced Tuesday.Bettinger will definitely be substituted on Jan. 1, 2025, by Charles Schwab President Rick Wurster. Bettinger will stay as the co-chair of Schwab's board.Stock Chart IconStock graph iconCharles Schwab, 5 yearsIn a statement, Bettinger cited his 65th birthday party following year as a main reason to tip apart as well as praised the option of Wurster." The Schwab Board's helpful and also self-displined approach to sequence preparing assists make this transition smooth. Rick Wurster and I have cooperated every day for much more than eight years. I possess total peace of mind in his leadership, and also I am actually thrilled that the Schwab Board of Supervisors has chosen him as my follower," the statement said.In a job interview on CNBC's "Squawk Box," Wurster showed that there will not be any kind of instant modification in method along with the CEO handoff." I don't assume there are going to be a switch in the feeling that we're going to proceed what we have actually been actually performing, which is actually deliver for our clients as well as thrill all of them," Wurster said.Since Bettinger took control of in 2008, the company's client properties have developed to $9.74 trillion coming from $1.14 trillion, and also client brokerage firm profiles have actually grown to much more than 43 thousand coming from far fewer than 10 million. This growth schedules partially to Schwab's achievement of TD Ameritrade, which enclosed 2020. Bettinger mentioned on "Squawk Carton" that the assimilation of Ameritrade was completed previously this year as well as was actually an additional main reason that he presumed this was a happy times to tip apart from the CEO role.Schwab's sell has increased approximately 150% in the course of Bettinger's period, which began during the economic crisis, however it has underperformed the wider market over the past two years." I usually mention that very few Chief executive officers halve their company's supply rate in the initial 90 days, however that was actually basically what I strolled right into in the economic problems," Bettinger pointed out on "Squawk Package." Reveals of Schwab were actually down about 1% in morning exchanging Tuesday.