Walter “Walt” Bettinger, President and Chief Executive Officer of Charles Schwab Corporation, speaks at the 2015 Fortune Global Forum in San Francisco, California, Tuesday, November 3, 2015.
David Paul Morris | David Paul Morris Bloomberg | Getty Images
Charles Schwab The company announced Tuesday that Chief Executive Walt Bettinger will retire at the end of December after 16 years leading the brokerage.
Bettinger will be succeeded by Charles Schwab President Rick Wurster on January 1, 2025. Bettinger will continue to serve as co-chairman of Charles Schwab’s board of directors.
Charles Schwab, 5 years
In a statement, Bettinger cited his 65th birthday next year as the reason for his resignation and praised Worster’s choice.
“The Schwab Board of Directors’ thoughtful and rigorous approach to succession planning will help make this transition a smooth one. Rick Worster and I have worked together every day for more than eight years. I have every confidence in his leadership and I am very I am pleased that the Charles Schwab Board of Directors has selected him as my successor,” the statement said.
Since Bettinger took over in 2008, the firm’s client assets have grown from $1.14 trillion to $9.74 trillion, and its client brokerage accounts have grown from less than 10 million to more than 43 million. Part of this growth is due to Charles Schwab’s acquisition of Ameritrade, which closed in 2020.
Schwab shares fell less than 1% in premarket trading Tuesday.
Schwab’s stock has risen about 150% during Bettinger’s tenure, but has underperformed the market over the past two years.
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