Bettinger, who became CEO in late 2008, will retire from his role at the end of the year but continue as the executive co-chair of the board, the company said. The CEO transition comes at a time when elevated interest rates have made deposits and debt costly,

U.S. brokerage firm Charles Schwab said on Tuesday CEO Walt Bettinger will retire at the end of the year. Bettinger will be replaced by Rick Wurster, currently the president of Schwab, the company said.

Under Bettinger's leadership since 2008, Schwab's client assets surged from $1.14 trillion to $9.74 trillion, partly due to the acquisition of TD Ameritrade in 2020.

Walt Bettinger, who oversaw massive growth as Charles Schwab CEO for 16 years, will retire from that role effective Dec. 31 as part of a multi-year succession plan, to be succeeded the following day by Rick Wurster, the financial services giant announced Tuesday.

The brokerage giant announces president to step up Rick Wurster as next chief exec in leadership succession plan as Bettinger transitions to executive co-chairman role.

Walt Bettinger, who oversaw the company’s rise to a personal-finance juggernaut, will retire after a 16-year tenure.

Charles Schwab Chief Executive Officer Walt Bettinger has notified the brokerage’s board of his intention to retire effective Dec. 31. Bettinger has served as CEO since late 2008. Rick Wurster, president of Schwab since 2021,