12:28 PM EDT, 10/01/2024 (MT Newswires) -- Charles Schwab ( SCHW ) said Tuesday that Walt Bettinger will retire as chief executive at the end of the year, as part of the financial services company's multi-year succession plan.

President Rick Wurster will succeed Bettinger as CEO, effective Jan. 1, and retain his current role, according to the company. Bettinger, who has led the firm as CEO since 2008, will continue to serve as executive co-chairman.

"Wurster is ideally prepared to assume the duties as our next CEO," founder and Co-Chairman Charles Schwab said in a statement. "This next step in our long-term succession plan ensures continuity for our clients, employees, and stockholders."

Under Bettinger's tenure, the company saw its market capitalization surge 660% to roughly $119 billion through the end of August, according to the company. Client assets grew to $9.74 trillion from $1.14 trillion during that time period.

In July, the firm reported second-quarter adjusted earnings of $0.73 a share, down from $0.75 the year before, while revenue increased 1% year over year to $4.69 billion.

"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 May, the company disclosed Peter Crawford's plan to retire as chief financial officer. At the time, the company appointed Mike Verdeschi as deputy CFO, with a view that he will succeed Crawford in the top finance role after a transition period. In a July regulatory filing, the company said Verdeschi will become CFO on Oct. 1.

Chief Operating Officer Joe Martinetto transitioned to the post of executive chairperson of the Schwab Banks, effective June 28, the company said in May. At the time, the company said it didn't intend to name a new COO.

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