.Charles Schwab CEO Walt Bettinger is actually relinquishing his part at the end of December after 16 years leading the stock broker firm, the business revealed Tuesday.Bettinger is going to be actually switched out on Jan. 1, 2025, through Charles Schwab Head Of State Rick Wurster. Bettinger is going to remain as the co-chair of Schwab's board.Stock Chart IconStock graph iconCharles Schwab, 5 yearsIn a declaration, Bettinger presented his 65th birthday party following year as an explanation to step apart as well as commended the selection of Wurster." The Schwab Panel's helpful as well as disciplined approach to sequence preparation aids make this switch smooth. Rick Wurster and I have collaborated on a daily basis for more than 8 years. I possess complete peace of mind in his management, and I am actually thrilled that the Schwab Panel of Directors has selected him as my successor," the statement said.In a job interview on CNBC's "Squawk Container," Wurster suggested that there will certainly not be actually any type of immediate modification in technique with the CEO handoff." I do not assume there are going to be a switch in the sense that our team're visiting continue what we have actually been actually doing, which is actually deliver for our clients and also thrill all of them," Wurster said.Since Bettinger managed in 2008, the firm's customer resources have actually grown to $9.74 trillion from $1.14 trillion, and client broker agent accounts have grown to greater than 43 thousand from fewer than 10 thousand. This development is due in part to Schwab's acquisition of TD Ameritrade, which closed in 2020. Bettinger claimed on "Squawk Box" that the combination of Ameritrade was actually accomplished previously this year and was yet another reason that he thought this was a great time to step aside coming from the chief executive officer role.Schwab's supply has climbed approximately 150% during Bettinger's tenure, which started at the center of the financial situation, however it has actually underperformed the broader market over the past two years." I typically claim that few Chief executive officers halve their firm's inventory price in the first 90 times, yet that was actually more or less what I strolled in to in the economic situation," Bettinger stated on "Squawk Carton." Reveals of Schwab were actually down approximately 1% in morning investing Tuesday.