Oct. 1 (UPI) — The CEO of financial brokerage firm Charles Schwab said he will step down from his current role after nearly 20 years, the company revealed Tuesday.
After 16 years with Texas-based Charles Schwab, CEO Walt Bettinger notified the company board of directors of his intent to retire by Dec. 31 ahead of his 65th birthday, according to a company release.
Bettinger, who has led the company since 2008 and will stay as Charles Schwab’s board co-chair, will be replaced as CEO by company President Rick Wurster.
“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
Wurster, who since 2021 has been Charles Schwab’s president, will begin his first day as CEO on Jan. 1.
Since Bettinger took over as CEO in 2008, Schwab’s client assets have grown to $9.74 trillion from $1.14 trillion, and client brokerage accounts have grown from 9.3 billion to more than 434 billion.
Wurster said in his years as CEO Bettinger ran the company with “humility, exceptional character, and a servant mindset.”
Schwab’s stock performance has gone up roughly 150% during Bettinger’s tenure but over the last two years has underperformed the broader market.
Stock shares in Charles Schwab were down about 1% in the morning trading hours.
“I often say that not many CEOs halve their company’s stock price in the first 90 days, but that was pretty much what I walked into in the financial crisis,” Bettinger said on CNBC’s “Squawk Box.”
According to the company, Schwab has “consistently been recognized by third parties for the quality of its client service and solutions.”
Bettinger credits his “deep belief in servant leadership” that has guided him throughout his career, which he added helped the financial giant “navigate through multiple economic cycles while serving our clients and rewarding our stockholders.”