.Charles Schwab CEO Walt Bettinger is relinquishing his duty by the end of December after 16 years leading the brokerage agency, the firm announced Tuesday.Bettinger is going to be actually changed on Jan. 1, 2025, through Charles Schwab President Rick Wurster. Bettinger is going to remain as the co-chair of Schwab's board.Stock Chart IconStock chart iconCharles Schwab, 5 yearsIn a declaration, Bettinger presented his 65th birthday party upcoming year as a reason to step aside and applauded the option of Wurster." The Schwab Panel's thoughtful and self-displined approach to sequence preparation helps make this change smooth. Rick Wurster and I have interacted each day for much more than eight years. I have comprehensive self-confidence in his leadership, and I am actually thrilled that the Schwab Board of Directors has actually selected him as my successor," the claim said.In a meeting on CNBC's "Squawk Box," Wurster suggested that there will not be any sort of instant modification in tactic along with the CEO handoff." I don't presume there will certainly be actually a transition in the feeling that our experts are actually visiting continue what our company've been actually carrying out, which is actually supply for our customers and delight them," Wurster said.Since Bettinger took over in 2008, the provider's client possessions have actually grown to $9.74 mountain from $1.14 mountain, as well as customer broker agent accounts have expanded to much more than 43 million from fewer than 10 million. This growth is due partly to Schwab's achievement of TD Ameritrade, which approached 2020. Bettinger mentioned on "Squawk Container" that the integration of Ameritrade was accomplished earlier this year and was one more reason that he thought this was a happy times to tip apart coming from the CEO role.Schwab's inventory has actually increased around 150% in the course of Bettinger's tenure, which began at the center of the financial situation, however it has actually underperformed the wider market over recent pair of years." I frequently state that few CEOs halve their firm's sell cost in the first 90 days, but that was actually pretty much what I walked into in the monetary crisis," Bettinger stated on "Squawk Container." Portions of Schwab were down approximately 1% in morning investing Tuesday.