Schwab CEO Bettinger to Retire

Walt Bettinger, who oversaw massive growth as Charles Schwab CEO for 16 years, will retire from that role effective Dec. 31 as part of a multi-year succession plan, to be succeeded the following day by Rick Wurster, the financial services giant announced Tuesday.

Wurster, who has been president since 2021, will be named president and CEO and join Schwab’s board of directors effective Jan. 1, while Bettinger will continue to serve as board executive co-chairman, along with founder Charles R. Schwab.

“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,” said Bettinger, who has led the company since late 2008.

During Bettinger’s tenure, Schwab’s client assets grew to $9.74 trillion from $1.14 trillion. Client brokerage, banking and workplace participant accounts grew to 43.2 million from 9.3 million.

In addition, the company noted, Schwab common shares rose from approximately $16 at the end of 2008 to approximately $65 — a 400% increase. The company’s market cap grew from approximately $18 billion at the end of 2008 to approximately $119 billion — a 660% increase.

Schwab also acquired and integrated Ameritrade, the largest investment management brokerage service acquisition in industry history, the company 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,” Bettinger said.

“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.”

Co-Chairman Charles R. Schwab 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.

“Rick Wurster is ideally prepared to assume the duties as our next CEO,” Schwab said. ”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.”

Credit: Charles Schwab