Charles Schwab Corporation has announced that CEO Walt Bettinger will retire at the end of 2024, concluding a 16-year tenure that saw significant growth for the brokerage firm.
Bettinger, who led the company through the 2008 financial crisis and spearheaded its expansion, will step down on December 31. He will be succeeded by current President Rick Wurster, effective January 1, 2025.
Under Bettinger’s leadership, Schwab grew its client assets from $1.14 trillion to $9.74 trillion, aided by strategic acquisitions like the $26 billion purchase of TD Ameritrade in 2020. Bettinger will continue to serve as co-chair of Schwab’s board alongside founder Charles Schwab.
Reflecting on his decision to retire, Bettinger cited his upcoming 65th birthday and the completion of major milestones, including the integration of TD Ameritrade, as key reasons for stepping down. In a statement, he expressed confidence in Wurster’s leadership.
“I have complete confidence in his leadership, and I am thrilled that the Schwab Board of Directors has selected him as my successor,” said Bettinger.
Wurster, who joined Schwab in 2016 and became president in 2021, indicated that no major strategic shifts are planned following the leadership transition.
“We’re going to continue what we’ve been doing, which is deliver for our clients and delight them,” Wurster said.
During Bettinger’s tenure, Schwab’s stock rose by approximately 150%, although it has underperformed the broader market in recent years. Shares of Schwab fell 1% following the announcement. Despite recent challenges, including rising interest rates and banking division outflows, Bettinger’s tenure is widely seen as a period of unprecedented growth for the firm.
With input from Market Watch, CNBC, and Financial Times.
