.Charles Schwab CEO Walt Bettinger is actually relinquishing his role by the end of December after 16 years leading the broker agent company, the company announced Tuesday.Bettinger will be actually switched out on Jan. 1, 2025, by Charles Schwab President Rick Wurster. Bettinger will certainly remain as the co-chair of Schwab's board.Stock Chart IconStock chart iconCharles Schwab, 5 yearsIn a statement, Bettinger presented his 65th special day upcoming year as a reason to tip apart as well as commended the option of Wurster." The Schwab Panel's considerate as well as self-displined method to succession planning assists create this shift smooth. Rick Wurster and I have worked together everyday for more than eight years. I possess comprehensive peace of mind in his management, and I am actually delighted that the Schwab Panel of Directors has actually chosen him as my follower," the declaration said.In a job interview on CNBC's "Squawk Box," Wurster suggested that there would certainly certainly not be actually any kind of instant improvement in tactic along with the CEO handoff." I do not believe there will definitely be actually a switch in the feeling that our company're mosting likely to proceed what our experts have actually been actually carrying out, which is actually deliver for our clients and thrill them," Wurster said.Since Bettinger consumed in 2008, the provider's customer assets have expanded to $9.74 trillion coming from $1.14 trillion, as well as customer broker agent profiles have increased to greater than 43 thousand from fewer than 10 thousand. This growth is due partially to Schwab's accomplishment of TD Ameritrade, which closed in 2020. Bettinger claimed on "Squawk Package" that the combination of Ameritrade was actually completed previously this year and was another cause that he believed this was a good time to step aside from the chief executive officer role.Schwab's inventory has actually climbed about 150% during the course of Bettinger's tenure, which began in the middle of the economic situation, yet it has underperformed the more comprehensive market over the past two years." I usually mention that few Chief executive officers halve their business's supply price in the initial 90 days, but that was pretty much what I strolled in to in the monetary problems," Bettinger pointed out on "Squawk Package." Shares of Schwab were down approximately 1% in morning trading Tuesday.