Schwab CEO Walt Bettinger to retire after leading financial firm since 2008

By Steve Gelsi

Schwab names insider Rick Wurster to be chief executive after he's been president of the firm since 2021

Charles Schwab Corp. 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.

Wurster has been president of Schwab since 2021.

Bettinger said he has focused on a "smooth" management transition by working closely with Wurster for the past eight years.

Schwab's stock fell 1% on Tuesday morning.

Bettinger took the reigns of the company during the financial crisis of 2008 and grew Schwab's client assets from $1.14 trillion to $9.74 trillion.

He has also seen a period of consolidation in the online brokerage space, culminating with Schwab's $26 billion acquisition of TD Ameritrade and Morgan Stanley's (MS) $13 billion acquisition of E-Trade, both in 2020.

Bettinger also led a ramp-up of Schwab's wealth-management business, while its brokerage business now only accounts for less than half the company's business.

Also read: Schwab's stock dips as TD Bank reduces its stake by $3.4 billion

-Steve Gelsi

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10-01-24 0945ET

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