Walter “Walt” Bettinger, president and chief govt officer of Charles Schwab Corp., speaks in the course of the 2015 Fortune World Discussion board in San Francisco, California, U.S., on Tuesday, Nov. 3, 2015.
David Paul Morris | Bloomberg | Getty Pictures
Charles Schwab CEO Walt Bettinger is retiring from his function on the finish of December after 16 years main the brokerage agency, the corporate introduced Tuesday.
Bettinger will likely be changed on Jan. 1, 2025, by Charles Schwab President Rick Wurster. Bettinger will stay because the co-chair of Schwab’s board.
Charles Schwab, 5 years
In an announcement, Bettinger cited his sixty fifth birthday subsequent yr as a motive to step apart and praised the selection of Wurster.
“The Schwab Board’s considerate and disciplined method to succession planning helps make this transition clean. Rick Wurster and I’ve labored collectively each day for greater than eight years. I’ve full confidence in his management, and I’m thrilled that the Schwab Board of Administrators has chosen him as my successor,” the assertion 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 progress is due partially to Schwab’s acquisition of Ameritrade, which closed in 2020.
Shares of Schwab have been down lower than 1% in premarket buying and selling Tuesday.
Schwab’s inventory has gone up roughly 150% throughout Bettinger’s tenure, but it surely has underperformed the broader market over the previous two years.
