(Bloomberg) — The chief executive of Charles Schwab Corp. Walt Bettinger will step down at the end of this year, handing over the role to President Rick Wurster after the firm said three months ago it would revamp its banking unit.

Bettinger, who turns 65 next year, has led Schwab since 2008, the company said in a statement on Tuesday. The firm said in May it would replace its chief financial officer.

“The time is right for me to transition from day-to-day duties and focus on my role as executive co-chairman of Schwab's board of directors,” Bettinger said in the statement, adding that he had “full confidence” in Wurster. leadership.

Schwab told investors in July that it is considering ways to rely less on its balance sheet after being embroiled in last year's regional banking turmoil that saw the company's paper losses rise while its bond investments fell.