Oct 1 (Reuters) - Charles Schwab ( SCHW ) said on
Tuesday that President Rick Wurster will succeed long-time CEO
Walt Bettinger as its next chief executive, paving the way for a
change of guard at the brokerage firm after 16 years.
Bettinger, who became CEO in late 2008, will retire from his
role at the end of the year but continue as the executive
co-chair of the board, the company said.
The CEO transition comes at a time when elevated interest
rates have made deposits and debt costly, pressuring the
brokerage firm's earnings in its most recent quarter.
Schwab's shares have fallen nearly 6% this year even amid a
rally in equities.
Under Bettinger, Schwab grew its market capitalization to
$119 billion from $18 billion at the end of 2008. Client assets
also grew more than eight times over the same period.
He oversaw the company's $26-billion acquisition of TD
Ameritrade and eliminated commissions on trading, a move that
helped it win more retail clients.
In an interview with CNBC, Bettinger said he had targeted
2025 as the time to retire.
"We wrapped up the integration of Ameritrade this past
summer. It was really important for me to be here through that
integration and to see it through," Bettinger told CNBC.
Wurster, who will take over on Jan. 1, joined Schwab in
early 2016. Prior to that, he held leadership roles at asset
manager Wellington Management and management consulting firm
McKinsey.