At the end of 2024, Charles Schwab CEO Walt Bettinger will retire, and Rick Wurster will take his place.

• Charles Schwab President Rick Wurster will replace Bettinger on Jan. 1, 2025.
• Bettinger will remain as the co-chair of Schwab's board.
• Despite a 150% increase in Schwab's stock value during Bettinger's leadership, the company has lagged behind the broader market in performance over the past two years.

The CEO of the brokerage firm, Walt Bettinger, is stepping down from his position at the end of December after 16 years of leadership.

Charles Schwab President Rick Wurster will replace Bettinger as CEO on Jan. 1, 2025, while Bettinger will continue to serve as co-chair of the board.

Wurster was praised by Bettinger as the ideal choice to succeed him, with Bettinger citing his upcoming 65th birthday as the reason for stepping aside.

The Schwab Board's methodical and controlled approach to succession planning ensures a seamless transition. Rick Wurster and I have collaborated on a daily basis for over eight years. I have absolute faith in his leadership abilities, and I am elated that the Schwab Board of Directors has appointed him as my successor.

Since Bettinger assumed leadership in 2008, the company's client assets have expanded from $1.14 trillion to $9.74 trillion, and the number of client brokerage accounts has increased from fewer than 10 million to more than 43 million. This growth can be attributed in part to Schwab's acquisition of Ameritrade, which occurred in 2020.

Shares of Schwab were down less than 1% in premarket trading Tuesday.