.Charles Schwab CEO Walt Bettinger is retiring from his duty at the end of December after 16 years leading the broker agent firm, the company introduced Tuesday.Bettinger will definitely be changed on Jan. 1, 2025, through Charles Schwab Head Of State Rick Wurster. Bettinger will certainly continue to be as the co-chair of Schwab's board.Stock Chart IconStock graph iconCharles Schwab, 5 yearsIn a claim, Bettinger cited his 65th birthday following year as an explanation to step aside and praised the selection of Wurster." The Schwab Panel's helpful as well as regimented strategy to progression preparation aids create this shift smooth. Rick Wurster as well as I have cooperated every day for greater than eight years. I have complete self-confidence in his management, and I am thrilled that the Schwab Board of Supervisors has picked him as my successor," the statement said.In a meeting on CNBC's "Squawk Carton," Wurster signified that there would certainly not be any sort of quick modification in strategy along with the CEO handoff." I don't assume there will certainly be a shift in the sense that our team are actually going to proceed what our company have actually been performing, which is deliver for our clients and also delight all of them," Wurster said.Since Bettinger managed in 2008, the company's client possessions have increased to $9.74 mountain from $1.14 trillion, and customer broker agent accounts have increased to more than 43 million coming from far fewer than 10 million. This growth is due partly to Schwab's accomplishment of TD Ameritrade, which approached 2020. Bettinger pointed out on "Squawk Carton" that the assimilation of Ameritrade was completed earlier this year and was actually yet another factor that he assumed this was a happy times to tip apart from the CEO role.Schwab's sell has actually gone up around 150% during Bettinger's period, which started at the center of the economic crisis, however it has actually underperformed the wider market over the past two years." I frequently state that not many CEOs halve their firm's supply rate in the very first 90 days, yet that was actually virtually what I strolled in to in the financial situation," Bettinger said on "Squawk Container." Reveals of Schwab were down approximately 1% in morning investing Tuesday.