.Charles Schwab CEO Walt Bettinger is actually relinquishing his part at the end of December after 16 years leading the brokerage firm, the firm introduced Tuesday.Bettinger will certainly be actually substituted on Jan. 1, 2025, by Charles Schwab President Rick Wurster. Bettinger will stay as the co-chair of Schwab's board.Stock Chart IconStock graph iconCharles Schwab, 5 yearsIn a declaration, Bettinger mentioned his 65th special day upcoming year as a cause to tip apart and also praised the choice of Wurster." The Schwab Board's helpful and self-displined method to progression planning helps create this switch smooth. Rick Wurster as well as I have collaborated daily for greater than eight years. I have complete peace of mind in his leadership, as well as I am actually delighted that the Schwab Panel of Directors has chosen him as my successor," the claim said.In an interview on CNBC's "Squawk Container," Wurster indicated that there will certainly not be any sort of immediate improvement in technique with the chief executive officer handoff." I do not assume there are going to be a transition in the feeling that we're going to continue what our team have actually been doing, which is provide for our clients and also delight all of them," Wurster said.Since Bettinger managed in 2008, the company's client resources have grown to $9.74 trillion from $1.14 trillion, and customer broker agent accounts have increased to much more than 43 million from fewer than 10 thousand. This growth schedules in part to Schwab's accomplishment of TD Ameritrade, which approached 2020. Bettinger said on "Squawk Box" that the integration of Ameritrade was actually accomplished previously this year as well as was actually another cause that he believed this was a great time to tip apart from the chief executive officer role.Schwab's inventory has actually gone up approximately 150% throughout Bettinger's period, which began in the middle of the economic problems, however it has actually underperformed the wider market over recent 2 years." I typically mention that very few Chief executive officers halve their provider's stock price in the very first 90 days, but that was actually practically what I strolled into in the monetary problems," Bettinger stated on "Squawk Package." Shares of Schwab were actually down about 1% in morning trading Tuesday.