.Charles Schwab CEO Walt Bettinger is actually relinquishing his job by the end of December after 16 years leading the stock broker company, the provider revealed Tuesday.Bettinger will be actually switched out on Jan. 1, 2025, by Charles Schwab President Rick Wurster. Bettinger will certainly stay as the co-chair of Schwab's board.Stock Graph IconStock graph iconCharles Schwab, 5 yearsIn a statement, Bettinger presented his 65th birthday celebration upcoming year as an explanation to tip apart and applauded the selection of Wurster." The Schwab Board's thoughtful as well as disciplined technique to succession preparing aids create this transition smooth. Rick Wurster as well as I have worked together daily for more than eight years. I have full assurance in his leadership, as well as I am thrilled that the Schwab Board of Supervisors has actually chosen him as my follower," the statement said.In an interview on CNBC's "Squawk Carton," Wurster suggested that there would not be any sort of instant change in approach along with the CEO handoff." I don't think there will be a change in the sense that our experts're heading to continue what our experts have actually been actually carrying out, which is actually provide for our clients and please them," Wurster said.Since Bettinger managed in 2008, the firm's customer assets have actually developed to $9.74 mountain coming from $1.14 trillion, and also customer stock broker accounts have actually grown to greater than 43 million coming from fewer than 10 thousand. This development is due partly to Schwab's accomplishment of TD Ameritrade, which approached 2020. Bettinger said on "Squawk Box" that the integration of Ameritrade was completed previously this year and also was yet another explanation that he believed this was a happy times to tip apart from the CEO role.Schwab's sell has actually increased about 150% throughout Bettinger's period, which started at the center of the financial crisis, yet it has actually underperformed the broader market over recent 2 years." I usually point out that very few CEOs halve their business's inventory cost in the initial 90 times, but that was actually pretty much what I walked in to in the economic situation," Bettinger said on "Squawk Package." Shares of Schwab were down approximately 1% in early morning exchanging Tuesday.