The CEO of financial brokerage firm Charles Schwab says he will step down from his current role after nearly 20 years, the company revealed Tuesday.

CEO Walt Bettinger is retiring as boss of the largest publicly-traded brokerage after helping the money manager survive a searing crisis in 2023. The company announced the decision Tuesday, saying in a statement that the 64-year executive will step down at the end of the year and be replaced by Schwab President Rick Wurster

SCHW on Tuesday said Walt Bettinger will retire as chief executive on Dec. 31 after leading the brokerage and wealth-management firm since 2008. The company named long-time executive Rick Wurster to succeed Bettinger.

The brokerage giant announces president to step up Rick Wurster as next chief exec in leadership succession plan as Bettinger transitions to executive co-chairman role.

Under Walt Bettinger's leadership, Charles Schwab grew its assets by more than eight times and its market cap has increased more than 660% to approximately $119 billion.

Charles Schwab Chief Executive Officer Walt Bettinger has notified the brokerage’s board of his intention to retire effective Dec. 31. Bettinger has served as CEO since late 2008. Rick Wurster, president of Schwab since 2021,

Walt Bettinger, who oversaw the company’s rise to a personal-finance juggernaut, will retire after a 16-year tenure.