.Charles Schwab CEO Walt Bettinger is relinquishing his part in the end of December after 16 years leading the brokerage company, the business announced Tuesday.Bettinger will be 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 Graph IconStock chart iconCharles Schwab, 5 yearsIn a declaration, Bettinger cited his 65th birthday celebration following year as a reason to step aside and complimented the option of Wurster." The Schwab Panel's well thought-out and self-displined technique to sequence preparation aids create this change smooth. Rick Wurster as well as I have actually interacted on a daily basis for more than 8 years. I possess complete confidence in his management, and also I am thrilled that the Schwab Board of Supervisors has actually chosen him as my successor," the declaration said.In a meeting on CNBC's "Squawk Box," Wurster indicated that there will not be any urgent modification in method along with the CEO handoff." I don't presume there will definitely be a shift in the sense that we're mosting likely to continue what our company have actually been performing, which is deliver for our clients as well as thrill all of them," Wurster said.Since Bettinger consumed in 2008, the company's client assets have developed to $9.74 mountain from $1.14 mountain, and client brokerage accounts have actually expanded to more than 43 million coming from less than 10 million. This growth schedules partly to Schwab's achievement of TD Ameritrade, which closed in 2020. Bettinger said on "Squawk Package" that the combination of Ameritrade was actually finished earlier this year as well as was actually an additional factor that he presumed this was actually a good time to tip aside from the CEO role.Schwab's supply has actually risen approximately 150% throughout Bettinger's tenure, which began at the center of the economic crisis, yet it has actually underperformed the broader market over recent pair of years." I usually point out that very few CEOs halve their provider's inventory rate in the initial 90 days, but that was practically what I walked into in the economic problems," Bettinger said on "Squawk Container." Reveals of Schwab were down approximately 1% in early morning investing Tuesday.