.Charles Schwab CEO Walt Bettinger is actually retiring from his function at the end of December after 16 years leading the stock broker agency, the company declared Tuesday.Bettinger will be substituted on Jan. 1, 2025, through Charles Schwab Head Of State 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 following year as a reason to tip apart as well as commended the option of Wurster." The Schwab Board's well thought-out and also regimented technique to sequence planning helps make this transition smooth. Rick Wurster and I have actually cooperated each day for more than 8 years. I have complete self-confidence in his leadership, and I am actually delighted that the Schwab Panel of Directors has picked him as my successor," the declaration said.In an interview on CNBC's "Squawk Package," Wurster suggested that there would not be actually any kind of immediate modification in strategy along with the CEO handoff." I do not presume there will be actually a shift in the sense that we're going to continue what our team have actually been doing, which is supply for our customers and also please them," Wurster said.Since Bettinger managed in 2008, the business's customer properties have actually expanded to $9.74 trillion coming from $1.14 trillion, as well as customer broker agent accounts have actually grown to greater than 43 million coming from less than 10 million. This development schedules in part to Schwab's achievement of TD Ameritrade, which approached 2020. Bettinger said on "Squawk Container" that the assimilation of Ameritrade was finished earlier this year and was actually one more factor that he thought this was actually a good time to tip apart coming from the CEO role.Schwab's sell has gone up approximately 150% throughout Bettinger's tenure, which started during the financial dilemma, but it has actually underperformed the wider market over the past pair of years." I typically claim that not many CEOs halve their company's stock cost in the first 90 days, however that was actually pretty much what I walked into in the economic problems," Bettinger claimed on "Squawk Box." Portions of Schwab were actually down around 1% in early morning trading Tuesday.