Walt Bettinger to Retire as Schwab CEO

Charles Schwab CEO Walt Bettinger will retire at the end of 2024, with President Rick Wurster set to succeed him starting January 1, 2025. Bettinger, who has led the company since 2008, cited his upcoming 65th birthday and the completion of TD Ameritrade's integration as reasons for his decision. During his tenure, Schwab's assets under management surged from $1.14 trillion to $9.74 trillion. Despite a challenging 2023 due to a banking crisis and interest rate hikes, Bettinger will remain as executive co-chairman of the board. Schwab shares fell slightly following the announcement. Wurster assured there would be no immediate strategic changes and aims to continue delivering for clients.