Walt Bettinger is set to retire from his longstanding role as CEO of Charles Schwab at the conclusion of 2024. The financial firm announced Bettinger’s retirement plans on Tuesday, connecting the upcoming leadership transition to its multiyear succession strategy.
Bettinger’s departure on December 31 will end his 16-year tenure as CEO.
“As I approach my 65th birthday in 2025, 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 stated. “Serving the clients, employees, and stockholders of Schwab as CEO for the past 16 years has been the honor and privilege of my more than 40-year business career.”
Bettinger will continue as executive co-chairman alongside the company’s founder, Charles R. Schwab, following his retirement as CEO.
“Walt’s successful tenure as CEO saw the most significant growth in the company’s history in terms of clients, assets, revenue, profits, and market capitalization,” Schwab stated. “He has earned the right to determine the timing of his retirement as CEO, and I am delighted that he will continue to serve as Executive Co-Chairman of the Board of Directors with me.”
Prior to his role as CEO, Bettinger served as Chief Operating Officer (COO) of the company from early 2007 to October 2008.
Rick Wurster will assume the role of CEO on January 1. Wurster has been with Charles Schwab since 2016 and spent the past three years as president, according to his company profile.
Bettinger stated he would “support Rick, just as Chuck Schwab has supported me during my tenure as CEO,” in his capacity as executive co-chairman.
The company reported $9.43 billion in net revenues for the first two quarters of the year, representing a 3% decrease compared to the first six months of 2023. Its net income for the first half of the year was $2.9 billion.
