.Charles Schwab Chief Executive Officer Walt Bettinger is relinquishing his duty by the end of December after 16 years leading the stock broker company, the company declared Tuesday.Bettinger will definitely be changed on Jan. 1, 2025, by Charles Schwab Head Of State Rick Wurster. Bettinger will continue to be as the co-chair of Schwab's board.Stock Graph IconStock graph iconCharles Schwab, 5 yearsIn a declaration, Bettinger mentioned his 65th birthday party next year as an explanation to tip aside and commended the option of Wurster." The Schwab Board's well thought-out and also regimented strategy to succession preparing aids make this shift smooth. Rick Wurster as well as I have interacted every day for greater than 8 years. I have comprehensive assurance in his management, as well as I am thrilled that the Schwab Board of Directors has actually chosen him as my follower," the declaration said.In an interview on CNBC's "Squawk Box," Wurster signified that there will certainly not be actually any sort of quick modification in method along with the chief executive officer handoff." I don't believe there will be actually a shift in the feeling that we're mosting likely to continue what our company've been performing, which is actually deliver for our clients as well as please them," Wurster said.Since Bettinger consumed in 2008, the provider's customer assets have developed to $9.74 mountain from $1.14 trillion, and customer brokerage firm profiles have actually expanded to greater than 43 thousand from far fewer than 10 thousand. This growth is due partly to Schwab's achievement of TD Ameritrade, which approached 2020. Bettinger claimed on "Squawk Package" that the combination of Ameritrade was actually completed earlier this year as well as was another cause that he presumed this was a happy times to step aside coming from the chief executive officer role.Schwab's inventory has gone up approximately 150% during the course of Bettinger's tenure, which began at the center of the financial situation, however it has actually underperformed the more comprehensive market over the past 2 years." I commonly point out that very few CEOs halve their provider's stock rate in the very first 90 times, however that was essentially what I walked into in the economic crisis," Bettinger claimed on "Squawk Carton." Shares of Schwab were down approximately 1% in morning trading Tuesday.