.Charles Schwab CEO Walt Bettinger is retiring from his duty by the end of December after 16 years leading the broker agent agency, the provider declared Tuesday.Bettinger is going to be changed on Jan. 1, 2025, by Charles Schwab Head Of State Rick Wurster. Bettinger will certainly remain as the co-chair of Schwab's board.Stock Chart IconStock graph iconCharles Schwab, 5 yearsIn a claim, Bettinger mentioned his 65th birthday celebration next year as a factor to step aside and also applauded the selection of Wurster." The Schwab Board's well thought-out as well as disciplined method to succession preparation assists make this change smooth. Rick Wurster and I have actually worked together daily for much more than eight years. I possess full self-confidence in his management, as well as I am delighted that the Schwab Panel of Supervisors has chosen him as my follower," the declaration said.In a meeting on CNBC's "Squawk Box," Wurster indicated that there will certainly not be any kind of urgent adjustment in tactic along with the CEO handoff." I do not believe there will be a change in the sense that our experts're visiting continue what we've been carrying out, which is actually deliver for our customers and also please them," Wurster said.Since Bettinger took control of in 2008, the provider's customer possessions have actually developed to $9.74 trillion from $1.14 mountain, and customer brokerage firm accounts have developed to much more than 43 million from far fewer than 10 thousand. This development is due partly to Schwab's achievement of TD Ameritrade, which enclosed 2020. Bettinger mentioned on "Squawk Box" that the combination of Ameritrade was completed previously this year as well as was actually another explanation that he believed this was actually a great time to step apart coming from the CEO role.Schwab's stock has increased about 150% in the course of Bettinger's period, which started at the center of the monetary dilemma, yet it has actually underperformed the broader market over recent pair of years." I typically claim that few CEOs halve their business's inventory price in the 1st 90 times, however that was actually virtually what I strolled in to in the financial problems," Bettinger pointed out on "Squawk Carton." Shares of Schwab were down about 1% in morning exchanging Tuesday.