Schwab’s Bettinger To Retire as CEO

Charles Schwab’s Walter Bettinger II has given notice to the firm’s board of his plan to step down as CEO, effective by the end of the year.

As outlined in an October 1 press release, upon stepping down the 64-year-old Bettinger intends to maintain his executive co-chairmanship on the board alongside founder Charles R. Schwab. His role as CEO, which he has held since 2008, will be taken on by President Rick Wurster at the turn of the year. That move will coincide with Michael Verdeschi’s appointment as new CFO for the firm.

Per Schwab data as of the end of August, Bettinger’s 16-year tenure as CEO has seen client assets increase from $1.14T to $9.74T, with active client brokerage, banking, and workplace participant accounts growing from 9.3M to 43M.

View the press release here.