Charles Schwab announced today that CEO Walt Bettinger will retire at the end of the year, marking the end of a transformative 16-year tenure that saw the Westlake, Texas-based company grow into a financial services powerhouse, solidifying its reputation as a leader in low-cost investing and vastly expanding its client base to more than 34 million accounts.
“As I approach my 65th birthday in 2025, the time is right for me to transition from day-to-day duties…”
Charles Schwab CEO Walt Bettinger
Rick Wurster, President of Schwab since 2021, will be named President and CEO effective Jan. 1, 2025, as part of the company’s multi-year succession plan. Bettinger will continue to serve as Executive Co-Chairman of the Board of Directors, along with founder Charles R. Schwab. Wurster will join the Schwab Board of Directors as of Jan 1.
“As I approach my 65th birthday in 2025, 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. “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. My deep belief in servant leadership has guided me throughout my career, while the support of Schwab’s Board of Directors and the incredibly talented 33,000 Schwab employees helped us navigate through multiple economic cycles while serving our clients and rewarding our stockholders.”
Bettinger has successfully led Schwab as CEO since late 2008. He spearheaded the company’s historic $22 billion acquisition of TD Ameritrade in 2019-2020, uniting the two largest publicly traded discount brokers in the largest investment management brokerage service acquisition in the history of the industry. Bettinger’s tenure has been defined by a commitment to innovation, investor-friendly policies, and navigating the company through significant industry changes and economic challenges.
Some of the major accomplishments during his tenure to date include (figures through the end of August 2024, the last publicly available data):
- Client assets grew from $1.14 trillion to $9.74 trillion.
- Client brokerage, banking, and workplace participant accounts grew from 9.3 million to 43.2 million.
- The value of a common share of Schwab stock grew from approximately $16 at the end of 2008 to approximately $65—a 400% increase.
- The market capitalization of Schwab grew from approximately $18 billion at the end of 2008 to approximately $119 billion—a 660% increase.
Smooth transition anticipated
“The Schwab Board’s thoughtful and disciplined approach to succession planning helps make this transition smooth,” Bettinger said. “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. In addition to being incredibly bright, Rick possesses a balance of intellectual honesty and curiosity, combined with high personal integrity and character. In my ongoing role as Executive Co-Chairman of the Board of Directors, I will support Rick, just as Chuck Schwab has supported me during my tenure as CEO.”
Wurster said he is honored to succeed Bettinger as Schwab’s CEO. “He has led Schwab to record results over the last 16 years and has done so with humility, exceptional character, and a servant mindset. I am fortunate to continue to work with Walt in my new role and am humbled by the confidence that Walt, Chuck, the Schwab Board of Directors, and our dedicated employees have placed in me. My belief in our long-term ‘Through Clients’ Eyes’ strategy will continue to guide Schwab in the coming years,” Wurster said.
“Walt’s successful tenure as CEO saw the most significant growth in the company’s history in terms of clients, assets, revenue, profits, and market capitalization. He has earned the right to determine the timing of his retirement as CEO, and I am delighted that he will continue to serve as Executive Co-Chairman of the Board of Directors with me,” said Co-Chairman Charles R. Schwab. “Moving forward, Rick Wurster is ideally prepared to assume the duties as our next CEO. He possesses all the attributes to be a successful CEO, and he has the full confidence and support of myself and the Board. This next step in our long-term succession plan ensures continuity for our clients, employees, and stockholders.”
SEE ALSO:
• Schwab Finalizes $22 Billion TD Ameritrade Acquisition
• Worker Retirement Confidence Improves: Schwab 401(k) Study