.Charles Schwab CEO Walt Bettinger is retiring from his job at the end of December after 16 years leading the broker agent agency, the provider declared Tuesday.Bettinger will certainly be replaced on Jan. 1, 2025, through Charles Schwab President Rick Wurster. Bettinger will stay as the co-chair of Schwab's board.Stock Chart IconStock graph iconCharles Schwab, 5 yearsIn a claim, Bettinger presented his 65th special day next year as a factor to step apart as well as applauded the choice of Wurster." The Schwab Board's thoughtful as well as regimented method to sequence preparation assists create this transition smooth. Rick Wurster and I have worked together everyday for greater than eight years. I possess comprehensive confidence in his management, and I am thrilled that the Schwab Board of Directors has picked him as my follower," the declaration said.In a job interview on CNBC's "Squawk Container," Wurster indicated that there will not be any kind of quick adjustment in method along with the CEO handoff." I don't believe there will be a transition in the sense that our experts're heading to proceed what our company've been carrying out, which is actually provide for our clients and also thrill them," Wurster said.Since Bettinger took control of in 2008, the firm's customer assets have actually grown to $9.74 trillion from $1.14 mountain, as well as customer brokerage profiles have expanded to greater than 43 thousand coming from fewer than 10 thousand. This development is due in part to Schwab's accomplishment of TD Ameritrade, which enclosed 2020. Bettinger mentioned on "Squawk Box" that the combination of Ameritrade was completed earlier this year as well as was actually another cause that he believed this was a happy times to step apart coming from the CEO role.Schwab's supply has climbed about 150% during Bettinger's tenure, which began at the center of the financial dilemma, however it has actually underperformed the wider market over recent two years." I often state that very few Chief executive officers halve their firm's inventory cost in the 1st 90 days, but that was more or less what I strolled into in the economic problems," Bettinger said on "Squawk Carton." Shares of Schwab were actually down approximately 1% in morning exchanging Tuesday.