Charles Schwab announced today (Tuesday) that CEO Walt Bettinger will retire at the end of December 2024. Bettinger, who has led the company since 2008, will step down from his role but will remain as co-chair of the board.

Bettinger Steps Down, Wurster Leads

Charles Schwab’s President, Rick Wurster, will take over as CEO on January 1, 2025. Bettinger cited his upcoming 65th birthday as a reason for stepping aside. In a statement, he expressed confidence in Wurster’s leadership and mentioned their long-term collaboration over the past eight years.

“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.

Client Assets Soar under Leadership

Bettinger became CEO during the 2008 financial crisis. Under his leadership, Charles Schwab’s client assets grew from $1.14 trillion to $9.74 trillion.

The number of client brokerage accounts also increased from fewer than 10 million to more than 43 million. A significant part of this expansion came from Schwab’s acquisition of TD Ameritrade in 2020.

Bettinger’s tenure at Schwab spans nearly 30 years. He began as a director on the company’s board in 2008, later taking on roles such as co-chair of the board and CEO. Before joining Schwab, Bettinger was the founder and CEO of Hampton Pension Services, Inc., where he worked for 12 years.

Schwab Integrates Forex Trading

Meanwhile, Charles Schwab has integrated futures and forex trading into its thinkorswim platform, marking the introduction of forex trading within its ecosystem, as reported by Finance Magnates. This expansion aims to enhance derivatives trading by offering a variety of investment opportunities and risk management tools.

Futures trading, previously available only through StreetSmart platforms, allows traders to speculate on price movements of commodities or indices. With over 65 tradable currency pairs on thinkorswim, traders can now hedge against currency risks and capitalize on market opportunities around the clock.