Rick Wurster, president of Schwab since 2021, will be named president and CEO and will join the Schwab Board of Directors, effective Jan. 1, 2025, according to the firm.
Bettinger, who has led Schwab as CEO since 2008, will continue as executive co-chairman of Schwab's Board of Directors, along with founder Charles R. Schwab.
The firm touted milestones under Bettinger's leadership that as of August 2024 included growing client assets to $9.74 trillion from $1.14 trillion; reaching $119 billion in market capitalization, representing a 660% increase; and the acquisition of one-time rival TD Ameritrade.
Bettinger in a statement noted that he is approaching his 65th birthday and felt the time was "right" to step back from day-to-day duties.
"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 said. "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."
Co-Chairman Schwab said in a statement that Bettinger "has earned the right to determine the timing of his retirement" as CEO and that Wurster is "ideally prepared" to step into that role. "This next step in our long-term succession plan ensures continuity for our clients, employees, and stockholders," he added.
Bettinger's pending bow-out as CEO comes after the firm in May announced the retirement of Chief Financial Officer Peter Crawford and the transition of Head of Advisor Services Bernie Clark to an advisory role.