North Texas' Charles Schwab Corp. Names New CEO to Succeed Retiring Leader
Westlake-based financial services giant The Charles Schwab Corp. announced that as part of its multi-year succession plan, Walt Bettinger has notified its board he intends to retire as CEO effective Dec. 31 and that Rick Wurster, president of Schwab since 2021, will be named president and CEO and will join the Schwab board, effective Jan. 1.
Bettinger will continue to serve as executive co-chairman of the board, along with founder Charles R. Schwab.
In a statement, the founder said Bettinger's successful tenure as CEO saw "the most significant growth in the company's history" in terms of clients, assets, revenue, profits, and market capitalization.
"He has earned the right to determine the timing of his retirement as CEO," Schwab said, "and I am delighted that he will continue to serve as executive co-chairman of the board with me."
Schwab said Wurster is "ideally prepared to assume the duties" as the company's next CEO. "He possesses all the attributes to be a successful CEO, and he has the full confidence and support of myself and the Board, the founder continued. "This next step in our long-term succession plan ensures continuity for our clients, employees, and stockholders."
Milestones during Bettinger's tenure
Bettinger has led Schwab as CEO since late 2008. He played a key role in the company's decision to move its corporate headquarters from San Francisco to Westlake—a gradual process that culminated in early 2021. The move was announced in November 2019 as part of Schwab's nearly $26 billion acquisition of TD Ameritrade.
Some of the major accomplishments during his tenure to date include:
Bettinger has been recognized multiple times by Fortune as a global business leader.
"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," Bettinger said in a statement.
"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."
Working toward a smooth transition
Bettinger also applauded Wurster's selection and the Schwab board's "thoughtful and disciplined approach to succession planning" to make the transition a smooth one.
"Rick Wurster and I have worked together on a daily basis for more than eight years. I have complete confidence in his leadership, and I am thrilled that the Schwab board of directors has selected him as my successor," Bettinger said.
He added: "In addition to being incredibly bright, Rick possesses a balance of intellectual honesty and curiosity, combined with high personal integrity and character. In my ongoing role as executive co-chairman of the board of directors, I will support Rick, just as Chuck Schwab has supported me during my tenure as CEO."
In turn, Wurster noted Bettinger's tenure of success.
"I am honored to succeed Walt as Schwab's CEO. He has led Schwab to record results over the last 16 years and has done so with humility, exceptional character, and a servant mindset," Wurster said in a statement. "I am fortunate to continue to work with Walt in my new role and am humbled by the confidence that Walt, Chuck, the Schwab Board of Directors, and our dedicated employees have placed in me. My belief in our long-term 'Through Clients' Eyes' strategy will continue to guide Schwab in the coming years."
