After Charles Schwab announced Walt Bettinger’s retirement and that he will be succeeded by current President Rick Wurster, who will be named President and CEO and will join the Schwab board, effective January 1, 2025, Morgan Stanley calls the CEO change “somewhat sooner than we expected” given earlier leadership transitions announced just five months ago. However, the firm views the transition as a positive, citing optimism that fresh management perspective with a CEO and CFO change could “help the market look forward to the self help recovery story and more quickly move past challenges of the past few years.” The firm has an Equal Weight rating and $70 price target on Charles Schwab shares.
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