.Charles Schwab Chief Executive Officer Walt Bettinger is relinquishing his role at the end of December after 16 years leading the brokerage firm, the business revealed Tuesday.Bettinger will certainly be actually changed on Jan. 1, 2025, through Charles Schwab Head Of State Rick Wurster. Bettinger will definitely continue to be as the co-chair of Schwab's board.Stock Chart IconStock graph iconCharles Schwab, 5 yearsIn a declaration, Bettinger mentioned his 65th birthday celebration upcoming year as a cause to step aside as well as commended the selection of Wurster." The Schwab Panel's thoughtful and disciplined strategy to succession organizing aids create this transition smooth. Rick Wurster and I have actually collaborated each day for more than eight years. I possess total confidence in his leadership, as well as I am actually delighted that the Schwab Board of Directors has chosen him as my follower," the statement said.In an interview on CNBC's "Squawk Package," Wurster suggested that there would certainly not be any instant change in strategy along with the chief executive officer handoff." I do not assume there are going to be a shift in the feeling that our team're going to proceed what our experts've been doing, which is actually supply for our clients and also delight them," Wurster said.Since Bettinger took over in 2008, the business's customer possessions have actually expanded to $9.74 trillion from $1.14 mountain, and also client stock broker accounts have expanded to more than 43 thousand coming from fewer than 10 million. This development schedules partly 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 also was actually yet another factor that he thought this was actually a good time to step apart coming from the chief executive officer role.Schwab's supply has actually increased about 150% in the course of Bettinger's period, which started in the middle of the economic dilemma, however it has actually underperformed the wider market over recent two years." I often mention that very few CEOs halve their company's inventory cost in the first 90 times, but that was essentially what I walked into in the financial dilemma," Bettinger said on "Squawk Container." Allotments of Schwab were down approximately 1% in early morning exchanging Tuesday.