.Charles Schwab CEO Walt Bettinger is actually relinquishing his function in the end of December after 16 years leading the broker agent company, the firm declared Tuesday.Bettinger will definitely be actually changed on Jan. 1, 2025, by Charles Schwab President Rick Wurster. Bettinger will definitely continue to be as the co-chair of Schwab's board.Stock Chart IconStock chart iconCharles Schwab, 5 yearsIn a statement, Bettinger mentioned his 65th birthday following year as a reason to step aside and also applauded the selection of Wurster." The Schwab Board's well thought-out as well as disciplined method to succession preparing helps make this shift smooth. Rick Wurster and I have interacted each day for much more than eight years. I have full confidence in his leadership, as well as I am actually thrilled that the Schwab Panel of Supervisors has chosen him as my successor," the declaration said.In an interview on CNBC's "Squawk Carton," Wurster showed that there will not be any sort of urgent modification in approach along with the CEO handoff." I don't believe there will certainly be actually a switch in the feeling that we are actually mosting likely to proceed what our team've been actually performing, which is deliver for our clients and please them," Wurster said.Since Bettinger consumed in 2008, the firm's customer possessions have developed to $9.74 trillion from $1.14 mountain, and customer broker agent accounts have actually developed to more than 43 thousand coming from far fewer than 10 thousand. This development schedules partly to Schwab's acquisition of TD Ameritrade, which closed in 2020. Bettinger said on "Squawk Carton" that the combination of Ameritrade was actually finished earlier this year and also was actually another factor that he believed this was a happy times to tip apart from the chief executive officer role.Schwab's sell has actually gone up approximately 150% during the course of Bettinger's period, which began during the monetary dilemma, but it has actually underperformed the broader market over the past 2 years." I often point out that not many Chief executive officers halve their firm's supply rate in the initial 90 days, however that was actually pretty much what I walked right into in the monetary situation," Bettinger pointed out on "Squawk Package." Shares of Schwab were down approximately 1% in early morning investing Tuesday.