Charles Schwab CEO of Walt Bettinger to Retire After 16 Years

Charles Schwab has announced that its long-time Chief Executive Officer (CEO), Walt Bettinger, will retire at the end of the year, and President , Rick Wurster will follow him.

The leadership shift comes at a critical time for the broking giant, which is facing financial constraints from rising interest rates. Bettinger will stand down as CEO after 16 years, but will continue to serve as executive co-chair of the Board. During his tenure, Schwab’s market capitalisation increased from $18 billion to $119 billion, and customer assets increased eightfold. He also oversaw the $26 billion acquisition of TD Ameritrade, which slashed trading commissions. Wurster, who joined Schwab in 2016 and became president in 2021, will take over the CEO post on January 1.