.Charles Schwab Chief Executive Officer Walt Bettinger is relinquishing his task at the end of December after 16 years leading the stock broker firm, the company introduced Tuesday.Bettinger is going to be actually switched out on Jan. 1, 2025, through Charles Schwab President Rick Wurster. Bettinger will certainly stay as the co-chair of Schwab's board.Stock Graph IconStock chart iconCharles Schwab, 5 yearsIn a statement, Bettinger presented his 65th special day following year as a factor to tip apart and praised the choice of Wurster." The Schwab Board's considerate and disciplined approach to succession preparation aids make this switch smooth. Rick Wurster and I have actually worked together daily for more than eight years. I possess complete peace of mind in his management, and also I am thrilled that the Schwab Board of Supervisors has actually selected him as my successor," the declaration said.In a job interview on CNBC's "Squawk Carton," Wurster showed that there would certainly certainly not be actually any sort of quick change in technique with the chief executive officer handoff." I don't presume there will definitely be a change in the sense that we're heading to proceed what our team've been doing, which is actually deliver for our customers and please them," Wurster said.Since Bettinger consumed in 2008, the company's client properties have developed to $9.74 trillion coming from $1.14 mountain, as well as client broker agent profiles have actually expanded to much more than 43 million from fewer than 10 million. This development schedules partially to Schwab's accomplishment of TD Ameritrade, which closed in 2020. Bettinger pointed out on "Squawk Carton" that the integration of Ameritrade was actually finished previously this year and also was an additional explanation that he presumed this was a great time to tip aside coming from the CEO role.Schwab's stock has increased about 150% throughout Bettinger's tenure, which started during the monetary problems, however it has underperformed the broader market over recent two years." I commonly say that not many Chief executive officers halve their provider's sell price in the first 90 days, but that was actually essentially what I walked right into in the monetary dilemma," Bettinger stated on "Squawk Container." Allotments of Schwab were down about 1% in early morning investing Tuesday.