.Charles Schwab Chief Executive Officer Walt Bettinger is relinquishing his duty by the end of December after 16 years leading the stock broker firm, the provider revealed Tuesday.Bettinger will be substituted on Jan. 1, 2025, through Charles Schwab Head Of State Rick Wurster. Bettinger will certainly stay as the co-chair of Schwab's board.Stock Graph IconStock chart iconCharles Schwab, 5 yearsIn a declaration, Bettinger cited his 65th birthday upcoming year as a main reason to tip aside as well as praised the option of Wurster." The Schwab Board's thoughtful and also self-displined technique to succession planning assists create this transition smooth. Rick Wurster as well as I have actually collaborated daily for more than eight years. I have complete assurance in his leadership, and also I am thrilled that the Schwab Board of Directors has chosen him as my successor," the declaration said.In a meeting on CNBC's "Squawk Carton," Wurster showed that there would certainly not be any immediate change in strategy with the chief executive officer handoff." I do not believe there will be a shift in the sense that our team're going to continue what our company've been actually performing, which is actually provide for our customers and please them," Wurster said.Since Bettinger took control of in 2008, the provider's customer assets have grown to $9.74 mountain coming from $1.14 mountain, and also customer broker agent accounts have increased to greater than 43 thousand from far fewer than 10 thousand. This development schedules in part to Schwab's acquisition of TD Ameritrade, which enclosed 2020. Bettinger said on "Squawk Container" that the combination of Ameritrade was completed earlier this year as well as was actually an additional cause that he assumed this was a happy times to tip apart from the CEO role.Schwab's stock has actually gone up roughly 150% in the course of Bettinger's tenure, which started in the middle of the economic problems, but it has underperformed the broader market over the past 2 years." I typically state that not many CEOs halve their company's supply cost in the very first 90 times, however that was pretty much what I strolled into in the monetary dilemma," Bettinger claimed on "Squawk Box." Allotments of Schwab were down approximately 1% in early morning trading Tuesday.