.Charles Schwab CEO Walt Bettinger is relinquishing his job by the end of December after 16 years leading the stock broker firm, the business introduced Tuesday.Bettinger will certainly be actually replaced on Jan. 1, 2025, through Charles Schwab Head Of State Rick Wurster. Bettinger will certainly continue to be as the co-chair of Schwab's board.Stock Graph IconStock chart iconCharles Schwab, 5 yearsIn a claim, Bettinger cited his 65th special day following year as an explanation to step apart as well as praised the choice of Wurster." The Schwab Board's well thought-out as well as self-displined strategy to succession preparing assists create this transition smooth. Rick Wurster and also I have interacted daily for more than eight years. I have total confidence in his leadership, and I am actually thrilled that the Schwab Board of Supervisors has actually selected him as my successor," the statement said.In an interview on CNBC's "Squawk Container," Wurster showed that there would certainly certainly not be actually any type of instant modification in approach along with the CEO handoff." I do not assume there will certainly be a shift in the sense that we're heading to proceed what we've been actually carrying out, which is deliver for our customers and please all of them," Wurster said.Since Bettinger consumed in 2008, the provider's client assets have actually expanded to $9.74 mountain from $1.14 mountain, and also client brokerage firm accounts have actually grown to much more than 43 thousand coming from fewer than 10 million. This development is due in part to Schwab's achievement of TD Ameritrade, which closed in 2020. Bettinger pointed out on "Squawk Package" that the combination of Ameritrade was accomplished earlier this year and was actually an additional cause that he believed this was a happy times to step apart from the CEO role.Schwab's stock has actually increased approximately 150% during the course of Bettinger's period, which began in the middle of the financial problems, yet it has actually underperformed the wider market over recent 2 years." I frequently mention that few Chief executive officers halve their company's sell cost in the very first 90 days, however that was virtually what I strolled right into in the monetary situation," Bettinger said on "Squawk Container." Allotments of Schwab were actually down about 1% in morning investing Tuesday.