Charles Schwab (SCHW.US) announced on Tuesday that CEO Walt Bettinger will retire at the end of this December, and will be succeeded by CEO Rick Wurster on January 1, 2025.

Bettinger will continue to serve as co-chairman of the Charles Schwab board of directors. During Bettinger's tenure, Charles Schwab's stock price has risen by about 150%, but its performance has lagged behind the market in the past two years.