.Charles Schwab Chief Executive Officer Walt Bettinger is relinquishing his task at the end of December after 16 years leading the brokerage firm, the provider declared Tuesday.Bettinger will certainly be substituted on Jan. 1, 2025, through Charles Schwab President Rick Wurster. Bettinger is going to stay as the co-chair of Schwab's board.Stock Graph IconStock chart iconCharles Schwab, 5 yearsIn a declaration, Bettinger cited his 65th birthday upcoming year as a factor to tip aside as well as complimented the choice of Wurster." The Schwab Panel's well thought-out and also regimented approach to sequence planning assists make this transition smooth. Rick Wurster and I have actually collaborated every day for more than 8 years. I have comprehensive peace of mind in his management, as well as I am delighted that the Schwab Panel of Directors has actually picked him as my follower," the declaration said.In a meeting on CNBC's "Squawk Box," Wurster suggested that there will certainly not be actually any sort of immediate improvement in method with the CEO handoff." I don't think there will definitely be actually a shift in the sense that our experts are actually going to continue what we have actually been performing, which is actually supply for our customers and delight all of them," Wurster said.Since Bettinger took over in 2008, the firm's customer properties have increased to $9.74 trillion from $1.14 trillion, as well as client brokerage firm accounts have grown to much more than 43 thousand coming from less than 10 million. This development schedules in part to Schwab's acquisition of TD Ameritrade, which approached 2020. Bettinger stated on "Squawk Container" that the integration of Ameritrade was actually accomplished previously this year as well as was actually one more main reason that he thought this was a great time to step aside coming from the CEO role.Schwab's supply has risen about 150% throughout Bettinger's period, which began during the monetary crisis, however it has actually underperformed the wider market over the past two years." I often mention that few Chief executive officers halve their company's sell price in the very first 90 times, but that was actually pretty much what I strolled into in the financial problems," Bettinger pointed out on "Squawk Package." Allotments of Schwab were down around 1% in morning exchanging Tuesday.