.Charles Schwab Chief Executive Officer Walt Bettinger is actually relinquishing his role by the end of December after 16 years leading the broker agent company, the company revealed Tuesday.Bettinger will definitely be replaced on Jan. 1, 2025, through Charles Schwab Head Of State Rick Wurster. Bettinger is going to remain as the co-chair of Schwab's board.Stock Chart IconStock chart iconCharles Schwab, 5 yearsIn a statement, Bettinger presented his 65th special day next year as a cause to step apart and complimented the option of Wurster." The Schwab Board's considerate and also regimented strategy to succession planning helps make this shift smooth. Rick Wurster and I have cooperated everyday for greater than eight years. I possess comprehensive self-confidence in his leadership, and also I am actually delighted that the Schwab Panel of Supervisors has actually picked him as my successor," the claim said.In an interview on CNBC's "Squawk Box," Wurster signified that there would certainly not be any kind of prompt adjustment in strategy with the CEO handoff." I don't presume there will certainly be actually a change in the feeling that our experts're mosting likely to continue what our experts have actually been actually doing, which is deliver for our customers as well as please them," Wurster said.Since Bettinger took control of in 2008, the company's customer assets have actually developed to $9.74 mountain from $1.14 mountain, as well as customer broker agent profiles have grown to much more than 43 million from far fewer than 10 thousand. This development schedules in part to Schwab's achievement of TD Ameritrade, which enclosed 2020. Bettinger said on "Squawk Package" that the integration of Ameritrade was actually completed earlier this year and was actually another main reason that he thought this was actually a good time to tip apart coming from the CEO role.Schwab's supply has climbed about 150% in the course of Bettinger's tenure, which started in the middle of the monetary crisis, but it has actually underperformed the more comprehensive market over the past pair of years." I typically claim that very few CEOs halve their company's sell price in the first 90 times, but that was basically what I strolled right into in the financial dilemma," Bettinger pointed out on "Squawk Carton." Allotments of Schwab were down around 1% in early morning investing Tuesday.