.Charles Schwab Chief Executive Officer Walt Bettinger is actually relinquishing his task by the end of December after 16 years leading the stock broker company, the business declared Tuesday.Bettinger is going to be changed on Jan. 1, 2025, by Charles Schwab Head Of State Rick Wurster. Bettinger will certainly continue to be as the co-chair of Schwab's board.Stock Graph IconStock graph iconCharles Schwab, 5 yearsIn a claim, Bettinger mentioned his 65th birthday party following year as a reason to step aside and also complimented the selection of Wurster." The Schwab Board's helpful and self-displined method to progression organizing assists make this shift smooth. Rick Wurster as well as I have interacted each day for much more than eight years. I have comprehensive assurance in his leadership, and also I am actually delighted that the Schwab Panel of Directors has chosen him as my successor," the declaration said.In an interview on CNBC's "Squawk Box," Wurster indicated that there would certainly not be any sort of instant improvement in method with the chief executive officer handoff." I do not think there will be actually a transition in the feeling that our company are actually visiting proceed what our team have actually been performing, which is provide for our customers as well as please them," Wurster said.Since Bettinger managed in 2008, the provider's customer assets have increased to $9.74 trillion from $1.14 mountain, as well as client stock broker accounts have actually grown to more than 43 million coming from far fewer than 10 million. This growth is due partially to Schwab's acquisition of TD Ameritrade, which enclosed 2020. Bettinger pointed out on "Squawk Carton" that the combination of Ameritrade was completed earlier this year and was an additional main reason that he assumed this was actually a happy times to tip aside from the CEO role.Schwab's inventory has risen roughly 150% during Bettinger's period, which began at the center of the economic crisis, however it has underperformed the wider market over the past two years." I typically state that few CEOs halve their business's inventory price in the 1st 90 times, but that was virtually what I walked in to in the financial problems," Bettinger stated on "Squawk Container." Portions of Schwab were down about 1% in morning trading Tuesday.