Charles Schwab CEO Walt Bettinger to quit at finish of 2024, Rick Wurster to exchange him

Charles Schwab CEO Walt Bettinger is retiring from his position on the finish of December upcoming 16 years eminent the brokerage company, the corporate introduced Tuesday.

Bettinger might be changed on Jan. 1, 2025, by way of Charles Schwab President Rick Wurster. Bettinger will stay because the co-chair of Schwab’s board.

In a commentary, Bettinger cited his sixty fifth birthday later week as a explanation why to step apart and praised the selection of Wurster.

“The Schwab Board’s thoughtful and disciplined approach to succession planning helps make this transition smooth. Rick Wurster and I have worked together on a daily basis for more than eight years. I have complete confidence in his leadership, and I am thrilled that the Schwab Board of Directors has selected him as my successor,” the commentary mentioned.

In an interview on CNBC’s “Squawk Box,” Wurster indicated that there would no longer be any fast trade in technique with the CEO handoff.

“I don’t think there will be a transition in the sense that we’re going to continue what we’ve been doing, which is deliver for our clients and delight them,” Wurster mentioned.

Since Bettinger took over in 2008, the corporate’s consumer belongings have grown to $9.74 trillion from $1.14 trillion, and consumer brokerage accounts have grown to greater than 43 million from fewer than 10 million. This enlargement is due partially to Schwab’s acquisition of TD Ameritrade, which closed in 2020.

Bettinger mentioned on “Squawk Box” that the mixing of Ameritrade was once finished previous this week and was once one more reason that he concept this was once a excellent month to step except the CEO position.

Schwab’s hold has long past up more or less 150% right through Bettinger’s tenure, which started in the midst of the monetary extremity, but it surely has underperformed the wider marketplace over the occasion two years.

“I often say that not many CEOs halve their company’s stock price in the first 90 days, but that was pretty much what I walked into in the financial crisis,” Bettinger mentioned on “Squawk Box.”

Stocks of Schwab had been up lower than 1% in premarket buying and selling Tuesday.