.Charles Schwab Chief Executive Officer Walt Bettinger is relinquishing his job at the end of December after 16 years leading the brokerage firm, the business declared Tuesday.Bettinger will certainly be substituted on Jan. 1, 2025, through Charles Schwab President Rick Wurster. Bettinger is going to stay as the co-chair of Schwab's board.Stock Chart IconStock chart iconCharles Schwab, 5 yearsIn a declaration, Bettinger mentioned his 65th birthday party next year as a main reason to step aside and also complimented the selection of Wurster." The Schwab Panel's well thought-out and self-displined strategy to succession organizing aids create this shift smooth. Rick Wurster and I have worked together daily for much more than eight years. I possess comprehensive self-confidence in his management, and also I am actually delighted that the Schwab Board of Directors has picked him as my follower," the declaration said.In an interview on CNBC's "Squawk Box," Wurster indicated that there will not be any sort of urgent change in method with the CEO handoff." I do not assume there will definitely be a transition in the sense that our company are actually mosting likely to continue what we've been actually carrying out, which is actually deliver for our customers as well as thrill them," Wurster said.Since Bettinger took over in 2008, the company's customer resources have actually developed to $9.74 mountain coming from $1.14 mountain, and client brokerage profiles have actually developed to greater than 43 thousand coming from far fewer than 10 thousand. This development is due partly to Schwab's achievement of TD Ameritrade, which approached 2020. Bettinger mentioned on "Squawk Container" that the integration of Ameritrade was finished previously this year and was actually another reason that he thought this was a good time to step apart from the chief executive officer role.Schwab's sell has actually increased about 150% throughout Bettinger's period, which started at the center of the economic situation, yet it has underperformed the wider market over the past two years." I commonly point out that very few Chief executive officers halve their business's inventory rate in the first 90 times, but that was essentially what I walked in to in the financial crisis," Bettinger claimed on "Squawk Package." Reveals of Schwab were down approximately 1% in morning exchanging Tuesday.