.Charles Schwab CEO Walt Bettinger is actually relinquishing his task in the end of December after 16 years leading the stock broker company, the firm announced Tuesday.Bettinger will be switched out on Jan. 1, 2025, by Charles Schwab President Rick Wurster. Bettinger is going to continue to be as the co-chair of Schwab's board.Stock Graph IconStock chart iconCharles Schwab, 5 yearsIn a declaration, Bettinger mentioned his 65th birthday celebration next year as a factor to step apart as well as praised the selection of Wurster." The Schwab Panel's considerate as well as regimented strategy to succession planning helps make this change smooth. Rick Wurster as well as I have collaborated on a daily basis for more than 8 years. I possess full peace of mind in his management, and also I am delighted that the Schwab Panel of Supervisors has chosen him as my follower," the statement said.In an interview on CNBC's "Squawk Carton," Wurster indicated that there would certainly not be actually any type of prompt modification in technique along with the chief executive officer handoff." I don't believe there are going to be a switch in the feeling that we are actually mosting likely to continue what our experts have actually been actually carrying out, which is provide for our clients and also thrill all of them," Wurster said.Since Bettinger took over in 2008, the provider's customer properties have increased to $9.74 trillion from $1.14 trillion, and also client brokerage accounts have actually developed to much more than 43 million from less than 10 thousand. This growth schedules partially to Schwab's accomplishment of TD Ameritrade, which approached 2020. Bettinger said on "Squawk Package" that the assimilation of Ameritrade was finished previously this year as well as was actually another factor that he believed this was a good time to step aside coming from the chief executive officer role.Schwab's stock has climbed approximately 150% during the course of Bettinger's period, which started in the middle of the economic situation, yet it has underperformed the broader market over the past two years." I usually state that very few Chief executive officers halve their provider's inventory rate in the initial 90 days, but that was basically what I walked into in the economic problems," Bettinger stated on "Squawk Box." Portions of Schwab were down approximately 1% in morning investing Tuesday.