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Walt Bettinger, the president and CEO of Charles Schwab Corp., is stepping down from his position at the end of December after leading the brokerage firm for 16 years. The company announced on Tuesday that Bettinger will be succeeded by Charles Schwab President Rick Wurster on Jan. 1, 2025. Bettinger will continue to serve as the co-chair of Schwab’s board.
In a statement, Bettinger cited his upcoming 65th birthday as a reason for his decision to step aside and expressed confidence in Wurster’s leadership abilities. Wurster, in an interview on CNBC’s “Squawk Box,” mentioned that there would be no immediate changes in strategy following the CEO transition.
During Bettinger’s tenure, Charles Schwab’s client assets grew from $1.14 trillion to $9.74 trillion, and the number of client brokerage accounts increased from less than 10 million to over 43 million. This growth was driven in part by Schwab’s acquisition of TD Ameritrade in 2020. Bettinger also noted that the integration of Ameritrade was completed earlier this year, contributing to his decision to step down as CEO.
Schwab’s stock has risen approximately 150% under Bettinger’s leadership, despite facing challenges during the financial crisis. However, the company’s stock performance has lagged behind the broader market in the past two years. Shares of Schwab were up slightly in premarket trading on Tuesday.
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Emily Jensen, graduated from the London School of Economics and Political Science (LSE) in the UK in 2015 with a degree in Economics. She specializes in financial markets and international trade. After graduating, she worked as an analyst at an investment bank in London, where she developed expertise in global economic trends. She later transitioned into consulting, focusing on fintech ventures and providing insights into global economic developments. Emily is passionate about the intersection of finance and technology and aims to drive innovation in the financial sector.
