From NBC Universal: 2024-10-01 08:28:40

Charles Schwab CEO Walt Bettinger is retiring after 16 years at the brokerage firm at the end of December. Rick Wurster will take over on Jan. 1, 2025. Bettinger praised Wurster and cited his 65th birthday as a reason to step aside, confident in the company’s succession planning.

Under Bettinger’s leadership since 2008, Charles Schwab saw client assets grow to $9.74 trillion from $1.14 trillion and client brokerage accounts increase to more than 43 million from fewer than 10 million. The growth was also boosted by Schwab’s acquisition of Ameritrade in 2020.

Schwab’s stock has risen roughly 150% during Bettinger’s tenure but has underperformed the broader market in recent years. Despite this, shares of Schwab were down less than 1% in premarket trading on the announcement of Bettinger’s retirement.

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