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Walt Bettinger will retire from his long-time role as CEO of Charles Schwab at the end of 2024.
The financial company announced Bettinger's retirement plans on Tuesday, linking upcoming leadership changes to a multi-year succession plan.
When he steps down on Dec. 31, Bettinger's 16-year tenure as CEO will end.
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“As I approach my 65th birthday in 2025, the time is right to step back from my day-to-day duties and focus on my role as executive co-chair of the Schwab Board of Directors,” Bettinger said in a statement. “Serving Schwab's customers, employees, and shareholders as CEO for the past 16 years has been an honor and privilege during my more than 40-year business career.”
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The company said that even after stepping down as CEO, he will remain a co-executive officer with founder Charles R. Schwab.
“Walt's success as CEO has resulted in the most significant growth in customers, assets, revenue, profits and market capitalization in the company's history,” Schwab said in a statement. “He has earned the right to decide when to step down as CEO, and I am pleased that he will continue to serve as executive co-chair of the board alongside me.”
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Prior to becoming CEO, Bettinger served as the company's COO from early 2007 to October 2008.
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On January 1, Rick Wurster will become CEO and lead Charles Schwab. According to the company's biography, he has been with the company since 2016 and served as president for the past three years.
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“I will support Rick in the same way that Chuck Schwab supported me during his tenure as CEO,” Bettinger said of his role as executive co-chairman.
The company had net revenue of $9.43 billion in the first two quarters of this year, which was a 3% decrease compared to the first six months of 2023. Meanwhile, net income for the first half of this year was $2.9 billion.
