.Charles Schwab CEO Walt Bettinger is actually relinquishing his job by the end of December after 16 years leading the brokerage agency, the firm announced Tuesday.Bettinger will be changed on Jan. 1, 2025, by Charles Schwab President Rick Wurster. Bettinger will certainly stay as the co-chair of Schwab's board.Stock Chart IconStock graph iconCharles Schwab, 5 yearsIn a claim, Bettinger presented his 65th birthday celebration upcoming year as a cause to step apart and applauded the option of Wurster." The Schwab Board's well thought-out and also self-displined approach to progression preparation aids make this switch smooth. Rick Wurster and I have interacted on a daily basis for greater than 8 years. I possess full peace of mind in his leadership, and I am actually delighted that the Schwab Panel of Directors has actually chosen him as my successor," the claim said.In an interview on CNBC's "Squawk Container," Wurster signified that there would certainly not be any immediate modification in strategy along with the chief executive officer handoff." I do not presume there are going to be actually a shift in the feeling that our company are actually visiting continue what our company've been actually carrying out, which is deliver for our customers and delight all of them," Wurster said.Since Bettinger consumed in 2008, the firm's customer resources have actually expanded to $9.74 trillion coming from $1.14 trillion, as well as client brokerage firm accounts have expanded to greater than 43 million coming from less than 10 thousand. This growth schedules partly to Schwab's achievement of TD Ameritrade, which enclosed 2020. Bettinger said on "Squawk Package" that the integration of Ameritrade was actually accomplished previously this year and also was an additional factor that he assumed this was actually a happy times to step apart from the CEO role.Schwab's inventory has actually increased approximately 150% in the course of Bettinger's tenure, which began during the monetary crisis, however it has underperformed the broader market over recent 2 years." I usually state that very few Chief executive officers halve their firm's supply price in the initial 90 days, however that was virtually what I walked right into in the financial crisis," Bettinger claimed on "Squawk Carton." Shares of Schwab were down about 1% in early morning exchanging Tuesday.