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.

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.

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.

Since Bettinger took over in 2008, the company’s client assets have grown to $9.74 trillion from $1.14 trillion, and client brokerage accounts have grown to more than 43 million from fewer than 10 million. This growth is due in part to Schwab’s acquisition of Ameritrade, which closed in 2020.

Shares of Schwab were down less than 1% in premarket trading Tuesday.

Schwab’s stock has gone up roughly 150% during Bettinger’s tenure, but it has underperformed the broader market over the past two years.