Walt Bettinger to Retire as CEO
The Charles Schwab Corporation today announced, as part of its multi-year succession plan, that Walt Bettinger has notified the Board of Directors of his intention to retire as Chief Executive Officer effective December 31, 2024. Rick Wurster, President of Schwab since 2021, will be named President and CEO and will join the Schwab Board of Directors, effective January 1, 2025. Bettinger will continue to serve as Executive Co-Chairman of the Board of Directors, along with founder Charles R. Schwab.
Bettinger has successfully led Schwab as CEO since late 2008. 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.
- Schwab has consistently been recognized by third parties for the quality of its client service and solutions.
- Schwab acquired and integrated Ameritrade, the largest investment management brokerage service acquisition in the history of the industry.
- Bettinger has been recognized multiple times by Fortune as a global business leader.
In announcing his decision to retire as CEO, Bettinger said, “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. 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.”