After 16 years leading the brokerage firm, Bettinger will be replaced by an internal CEO hire.
Schwab's stock has gone up roughly 150% during Bettinger's tenure, but it has underperformed the broader market over the past two years.CEO Walt Bettinger is retiring from his role at the end of December after 16 years leading the brokerage firm, the company announced Tuesday.
Bettinger will be replaced on Jan. 1, 2025, by Charles Schwab President Rick Wurster. Bettinger will remain as the co-chair of Schwab's board.In a statement, Bettinger cited his 65th birthday next year as a reason to step aside and praised the choice of Wurster. "The Schwab Board's thoughtful and disciplined approach to succession planning helps make this transition smooth. Rick Wurster and I have worked together on a daily basis for more than eight years. I have complete confidence in his leadership, and I am thrilled that the Schwab Board of Directors has selected him as my successor," the statement said."I don't think there will be a transition in the sense that we're going to continue what we've been doing, which is deliver for our clients and delight them," Wurster said. Since Bettinger took over in 2008, the company's client assets have grown to $9.74 trillion from $1.14 trillion, and client brokerage accounts have grown to more than 43 million from fewer than 10 million. This growth is due in part to Schwab's acquisition of TD Ameritrade, which closed in 2020. Bettinger said on "Squawk Box" that the integration of Ameritrade was completed earlier this year and was another reason that he thought this was a good time to step aside from the CEO role. Schwab's stock has gone up roughly 150% during Bettinger's tenure, which began in the middle of the financial crisis, but it has underperformed the broader market over the past two years. "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 "Squawk Box."
Please follow us on Google to support us Investment Strategy Breaking News: Markets Markets Breaking News: Investing Walt Bettinger Business News
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
How King Charles Will Honor Queen Elizabeth Two Years After Her DeathWhile in Balmoral, Charles will commemorate his late mother’s 70-year reign and legacy during a “private day of reflection.”
Read more »
‘Mr. K’ Star Crispin Glover On The Interpretative Nature Of Tallulah H. Schwab’s “Kafkaesque Nightmare”Watch a video interview with 'Mr. K' star Crispin Glover from the Toronto Film Festival.
Read more »
3 Stocks Poised to Thrive Amid Falling Interest RatesStocks Analysis by The Tokenist (Timothy Fries) covering: Charles Schwab Corp, Textron Inc, Brent Oil Futures, Tesla Inc. Read The Tokenist (Timothy Fries)'s latest article on Investing.com
Read more »
OceanGate CEO crashed a submersible years before Titan implosion, whistleblower saysThe former director of operations testified that Stockton Rush crashed a submersible in 2016 and only gave up control when a tearful passenger screamed at him.
Read more »
Why Crispin Glover & Tallulah's Kafkaesque Surrealist Film 'Mr. K' Has Been 20 Years in the MakingCustom image of Crispin Glover and Tallulah Schwab at TIFF for Mr. K
Read more »
CryptoQuant CEO Supports Former Binance CEO Changpeng ZhaoKi Young Ju, CEO of blockchain analytics firm CryptoQuant, has defended former Binance CEO Changpeng Zhao (CZ) as his prison sentence nears its end. He argues that while CZ made mistakes, he also deserves respect for his contributions to the crypto industry.
Read more »