Charles Schwab’s longtime CEO to retire

Walt Bettinger will retire from his longtime position as Charles Schwab’s CEO at the end of 2024.

The financial firm on Tuesday unveiled Bettinger’s retirement plans and linked the upcoming leadership change to its multiyear succession plan.

When he leaves the position on Dec. 31, it will mark the end of Bettinger’s 16-year tenure as CEO.

“As I approach my 65th birthday in 2025, the time is right for me to transition from day-to-day duties and focus on my role as Executive Co-Chairman of the Schwab Board of Directors,” Bettinger said in a statement. “Serving the clients, employees and stockholders of Schwab as CEO for the past 16 years has been the honor and privilege of my more than 40-year business career.”

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He will keep his executive co-chair position with founder Charles R. Schwab after retiring as CEO, according to the company.

“Walt’s successful tenure as CEO saw the most significant growth in the company’s history in terms of clients, assets, revenue, profits, and market capitalization,” Schwab said in a statement. “He has earned the right to determine the timing of his retirement as CEO, and I am delighted that he will continue to serve as Executive Co-Chairman of the Board of Directors with me.”

Prior to being CEO, Bettinger was COO of the company from early 2007 to October 2008.

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On Jan. 1, Rick Wurster will become CEO and lead Charles Schwab. He has worked at the firm since 2016, spending the past three years as president, according to his company biography.

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Bettinger said he would “support Rick, just as Chuck Schwab has supported me during my tenure as CEO” in his position as executive co-chairman.

The company has generated $9.43 billion in net revenues over the first two quarters of the year, a 3% decrease compared to the first six months of 2023. Its net income, meanwhile, was $2.9 billion for the first half of the year.