Charles Schwab CEO Walt Bettinger to retire at end of 2024, Rick Wurster to replace him

Charles Schwab CEO Walt Bettinger is retiring from his relation astatine the extremity of December aft 16 years starring the brokerage firm, the institution announced Tuesday.

Bettinger volition beryllium replaced connected Jan. 1, 2025, by Charles Schwab President Rick Wurster. Bettinger volition stay arsenic the co-chair of Schwab's board.

Charles Schwab, 5 years

In a statement, Bettinger cited his 65th day adjacent twelvemonth arsenic a crushed to measurement speech and praised the prime of Wurster.

"The Schwab Board's thoughtful and disciplined attack to succession readying helps marque this modulation smooth. Rick Wurster and I person worked unneurotic connected a regular ground for much than 8 years. I person implicit assurance successful his leadership, and I americium thrilled that the Schwab Board of Directors has selected him arsenic my successor," the connection said.

In an interrogation connected CNBC's "Squawk Box," Wurster indicated that determination would not beryllium immoderate contiguous alteration successful strategy with the CEO handoff.

"I don't deliberation determination volition beryllium a modulation successful the consciousness that we're going to proceed what we've been doing, which is present for our clients and delight them," Wurster said.

Since Bettinger took implicit successful 2008, the company's lawsuit assets person grown to $9.74 trillion from $1.14 trillion, and lawsuit brokerage accounts person grown to much than 43 cardinal from less than 10 million. This maturation is owed successful portion to Schwab's acquisition of TD Ameritrade, which closed successful 2020.

Bettinger said connected "Squawk Box" that the integration of Ameritrade was completed earlier this twelvemonth and was different crushed that helium thought this was a bully clip to measurement speech from the CEO role.

Schwab's banal has gone up astir 150% during Bettinger's tenure, which began successful the mediate of the fiscal crisis, but it has underperformed the broader marketplace implicit the past 2 years.

"I often accidental that not galore CEOs halve their company's banal terms successful the archetypal 90 days, but that was beauteous overmuch what I walked into successful the fiscal crisis," Bettinger said connected "Squawk Box."

Shares of Schwab fell 1.4% Tuesday arsenic the broader banal marketplace declined.