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Bettinger will be replaced on Jan. 1, 2025, by Charles Schwab President Rick Wurster. Bettinger will remain as the co-chair of Schwab's board.

Charles Schwab CEO Walt Bettinger is retiring from his role at the end of December after 16 years leading the brokerage firm, the company announced Tuesday.

In a statement, Bettinger cited his 65th birthday next year as a reason to step aside and praised the choice of Wurster.

"The Schwab Board's thoughtful and disciplined approach to succession planning helps make this transition smooth. 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," the statement said.

In an interview on CNBC's "Squawk Box," Wurster indicated that there would not be any immediate change in strategy with the CEO handoff.

"I don't think there will be a transition in the sense that we're going to continue what we've been doing, which is deliver for our clients and delight them," Wurster said.

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