Walter “Walt” Bettinger, chairman and CEO of Charles Schwab Corp., speaks during the 2015 Fortune Global Forum in San Francisco, California, U.S., Tuesday, Nov. 3, 2015.
David Paul Morris | Bloomberg | fake images
Carlos Schwab CEO Walt Bettinger will retire from his role at the end of December after 16 years at the helm of the brokerage firm, the company announced Tuesday.
Bettinger will be replaced on January 1, 2025 by Charles Schwab President Rick Wurster. Bettinger will remain co-chairman of Schwab's board of directors.
Charles Schwab, 5 years
In a statement, Bettinger cited his 65th birthday next year as a reason for stepping aside and praised Wurster's choice.
“The Schwab Board's thoughtful and disciplined approach to succession planning helps make this transition seamless. Rick Wurster and I have worked together daily for more than eight years. I have complete confidence in their leadership and am delighted to that the Schwab Board of Directors has selected him as my successor,” the statement said.
Since Bettinger took over in 2008, the company's client assets have grown from $1.14 trillion to $9.74 trillion, and client brokerage accounts have grown from less than $10 million to more than 43 million. This growth is due in part to Schwab's acquisition of Ameritrade, which closed in 2020.
Schwab shares fell less than 1% in premarket trading Tuesday.
Schwab shares have risen about 150% during Bettinger's tenure, but have underperformed the broader market over the past two years.