.Charles Schwab CEO Walt Bettinger is actually relinquishing his function in the end of December after 16 years leading the stock broker firm, the company announced Tuesday.Bettinger will be switched out on Jan. 1, 2025, by Charles Schwab Head Of State Rick Wurster. Bettinger will continue to be as the co-chair of Schwab's board.Stock Chart IconStock graph iconCharles Schwab, 5 yearsIn a declaration, Bettinger presented his 65th birthday party upcoming year as a reason to step apart as well as applauded the selection of Wurster." The Schwab Board's helpful and also regimented strategy to succession planning aids create this switch smooth. Rick Wurster and I have interacted everyday for much more than 8 years. I possess comprehensive peace of mind in his leadership, and I am delighted that the Schwab Board of Directors has actually picked him as my successor," the declaration said.In an interview on CNBC's "Squawk Package," Wurster indicated that there would certainly not be actually any type of urgent adjustment in technique along with the CEO handoff." I don't think there are going to be a shift in the sense that our team are actually heading to proceed what our experts have actually been performing, which is provide for our clients and delight all of them," Wurster said.Since Bettinger consumed in 2008, the company's client possessions have actually developed to $9.74 trillion coming from $1.14 trillion, as well as customer brokerage firm profiles have actually developed to more than 43 thousand coming from less than 10 million. This growth is due in part to Schwab's acquisition of TD Ameritrade, which enclosed 2020. Bettinger said on "Squawk Carton" that the integration of Ameritrade was actually finished earlier this year and also was actually one more reason that he assumed this was actually a great time to step aside from the CEO role.Schwab's stock has risen around 150% during the course of Bettinger's tenure, which started in the middle of the monetary dilemma, however it has actually underperformed the wider market over the past pair of years." I typically claim that very few Chief executive officers halve their company's inventory cost in the 1st 90 times, but that was actually basically what I strolled into in the financial dilemma," Bettinger pointed out on "Squawk Container." Reveals of Schwab were actually down approximately 1% in early morning trading Tuesday.