Walter “Walt” Bettinger, the president and chief executive officer of Charles Schwab Corp., announced his retirement from the brokerage firm effective at the end of December, following a 16-year tenure. The company disclosed this information on Tuesday.
Rick Wurster, the current president of Charles Schwab, will succeed Bettinger as CEO starting January 1, 2025. Bettinger will continue to serve as the co-chairman of Schwab’s board.
Bettinger, in his statement, attributed his decision to his upcoming 65th birthday and expressed confidence in Wurster’s capabilities. He acknowledged the board’s well-considered succession planning process, ensuring a smooth transition. He highlighted his close working relationship with Wurster, spanning over eight years, and lauded the board’s choice of Wurster as his successor.
Under Bettinger’s leadership since 2008, Charles Schwab’s client assets have expanded significantly, growing from $1.14 trillion to $9.74 trillion. Additionally, client brokerage accounts have increased from fewer than 10 million to over 43 million, partly driven by Schwab’s acquisition of Ameritrade, which was finalized in 2020.
In premarket trading, shares of Schwab saw a decline of less than 1%.
