.Charles Schwab Chief Executive Officer Walt Bettinger is relinquishing his job by the end of December after 16 years leading the stock broker company, the company declared Tuesday.Bettinger will definitely be substituted on Jan. 1, 2025, by Charles Schwab Head Of State Rick Wurster. Bettinger will certainly 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 factor to step apart and also complimented the choice of Wurster." The Schwab Board's thoughtful and also disciplined method to succession preparing helps make this change smooth. Rick Wurster and also I have actually interacted daily for much more than 8 years. I have full confidence in his management, and I am actually thrilled that the Schwab Board of Supervisors has selected him as my successor," the claim said.In a meeting on CNBC's "Squawk Carton," Wurster showed that there will certainly not be actually any type of prompt improvement in strategy along with the chief executive officer handoff." I do not think there will certainly be actually a transition in the feeling that our experts're mosting likely to proceed what our experts've been carrying out, which is actually supply for our clients and please all of them," Wurster said.Since Bettinger consumed in 2008, the business's client possessions have increased to $9.74 trillion coming from $1.14 trillion, and also client brokerage profiles have grown to greater than 43 million coming from less than 10 million. This growth schedules partly to Schwab's accomplishment of TD Ameritrade, which approached 2020. Bettinger pointed out on "Squawk Package" that the assimilation of Ameritrade was actually completed earlier this year as well as was actually yet another main reason that he thought this was a happy times to step aside from the chief executive officer role.Schwab's sell has gone up approximately 150% throughout Bettinger's tenure, which began in the middle of the financial crisis, but it has underperformed the broader market over recent two years." I usually state that few Chief executive officers halve their company's inventory cost in the initial 90 times, yet that was actually virtually what I strolled in to in the monetary crisis," Bettinger stated on "Squawk Carton." Shares of Schwab were actually down around 1% in morning investing Tuesday.