CEO Charles Schwab, who moved the company’s headquarters to North Texas, is retiring

Charles Schwab Corp. CEO Walt Bettinger will step down at the end of this year, handing over the role to CEO Rick Wurster, after the company said three months ago it would modernize its banking division.

Bettinger, who will turn 65 next year, has led Schwab since 2008, the company said in a statement Tuesday. In May, the company said it would replace its chief financial officer.

Bettinger was the leader responsible for relocating the company’s headquarters from San Francisco to Westlake following its 2021 acquisition of rival TD Ameritrade.

“The time has come for me to transition away from my day-to-day responsibilities and focus on my role as co-chairman of Schwab’s board of directors,” Bettinger said in a statement, adding that he had “complete confidence” in Wurster’s leadership decisions.

In July, Schwab told investors it was considering relying less on its balance sheet after last year’s regional banking turmoil caused the company’s paper losses to widen as bond investments declined.

– Paige Smith for Bloomberg

Charles Schwab will complete its fourth office building on its Westlake corporate campus

The financial company, which moved its headquarters from San Francisco to Texas in 2021, is completing an eight-story office building on its campus off state highways 114 and 170 in Westlake.

One analyst says Charles Schwab should abandon its banking division amid industry turmoil

Given all the unrest at Charles Schwab Corp. based in Westlake, a brokerage could be worth much more without a bank.