.Charles Schwab CEO Walt Bettinger is retiring from his part by the end of December after 16 years leading the stock broker agency, the firm announced Tuesday.Bettinger will certainly be switched out on Jan. 1, 2025, through Charles Schwab Head Of State Rick Wurster. Bettinger is going to stay as the co-chair of Schwab's board.Stock Chart IconStock graph iconCharles Schwab, 5 yearsIn a claim, Bettinger mentioned his 65th birthday party next year as a main reason to step aside and also complimented the selection of Wurster." The Schwab Panel's well thought-out as well as self-displined approach to progression preparing assists create this transition smooth. Rick Wurster and I have worked together each day for much more than eight years. I possess comprehensive self-confidence in his management, as well as I am actually thrilled that the Schwab Panel of Directors has actually picked him as my follower," the declaration said.In a job interview on CNBC's "Squawk Box," Wurster showed that there would certainly certainly not be actually any sort of prompt change in technique along with the chief executive officer handoff." I do not believe there will be a shift in the sense that our experts're going to continue what our company've been actually doing, which is actually provide for our customers as well as delight all of them," Wurster said.Since Bettinger managed in 2008, the company's customer properties have grown to $9.74 trillion coming from $1.14 trillion, as well as client brokerage firm accounts have actually expanded to much more than 43 thousand from less than 10 million. This development is due partly to Schwab's accomplishment of TD Ameritrade, which approached 2020. Bettinger said on "Squawk Package" that the integration of Ameritrade was completed previously this year as well as was actually yet another main reason that he assumed this was actually a good time to tip apart coming from the chief executive officer role.Schwab's inventory has risen approximately 150% in the course of Bettinger's period, which began at the center of the economic crisis, yet it has actually underperformed the wider market over the past pair of years." I usually state that not many CEOs halve their firm's stock price in the very first 90 times, but that was more or less what I strolled into in the financial dilemma," Bettinger said on "Squawk Package." Portions of Schwab were down around 1% in morning trading Tuesday.