.Charles Schwab CEO Walt Bettinger is relinquishing his part at the end of December after 16 years leading the brokerage firm, the provider declared Tuesday.Bettinger will definitely be replaced on Jan. 1, 2025, through Charles Schwab President Rick Wurster. Bettinger will certainly 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 party following year as an explanation to tip apart and also praised the option of Wurster." The Schwab Board's helpful as well as self-displined technique to succession preparing assists create this shift smooth. Rick Wurster as well as I have worked together each day for greater than eight years. I have total confidence in his leadership, as well as I am actually thrilled that the Schwab Board of Directors has picked him as my successor," the declaration said.In an interview on CNBC's "Squawk Container," Wurster indicated that there will not be any urgent change in strategy with the chief executive officer handoff." I do not think there will definitely be a switch in the sense that our experts are actually heading to continue what our company have actually been carrying out, which is deliver for our customers as well as delight all of them," Wurster said.Since Bettinger took over in 2008, the firm's client possessions have expanded to $9.74 mountain from $1.14 trillion, and customer brokerage accounts have actually expanded to greater than 43 million coming from far fewer than 10 thousand. This growth is due in part to Schwab's accomplishment of TD Ameritrade, which enclosed 2020. Bettinger stated on "Squawk Box" that the assimilation of Ameritrade was accomplished previously this year and was actually another factor that he assumed this was actually a good time to tip aside from the CEO role.Schwab's stock has increased about 150% in the course of Bettinger's tenure, which began in the middle of the monetary problems, however it has underperformed the wider market over the past two years." I often claim that very few Chief executive officers halve their business's inventory price in the first 90 days, but that was pretty much what I walked right into in the financial situation," Bettinger stated on "Squawk Package." Allotments of Schwab were actually down around 1% in morning investing Tuesday.