Charles Schwab's longtime CEO to retire

Published On Oct 1, 2024, 2:30 PM

Walt Bettinger, the CEO of Charles Schwab, will retire at the end of 2024 after serving in the role for 16 years. He will transition to the Executive Co-Chairman of the Board. Bettinger's leadership has been marked by significant growth in the company's size and profitability, despite facing a 3% revenue decline in the first half of 2024 compared to 2023. Rick Wurster, the current president since 2021, will take over as CEO starting January 1, 2025.

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Leadership changes, particularly the retirement of a long-serving CEO, can create uncertainty in shareholders and might affect stock performance in the short term. However, Bettinger's transition to co-chair position may provide continuity. It will be important to watch how Rick Wurster's leadership influences company performance amid a minor revenue decline reported earlier this year.

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