It is Schwab's second attempt at handing over the reins. In 2003, he passed the baton to David Pottruck, after grooming him for the top job for years.

But Pottruck was ousted in 2004, as the firm's stock prices and earnings plummeted.

At that time, Charles Schwab came out of retirement to again take charge of the brokerage he founded in 1973, which was seen to have strayed from its original business model.

His return was successful in reversing the revenue declines, profit warnings and job cuts at the San Francisco-based company , writes Newsdaily.com.

Check out Wall Street & Technology's video of Walt Bettinger during a recent company presentation at Forrester's Financial Forum in New York:

Adam Honore', senior analyst at Aite Group, says the transition from Schwab to Bettinger should be a smooth one, with little impact on the business.

"Schwab has a clear business model in place. They have avoided acquisitions, focused on organic growth, and sold off pieces of the business that did not suit the model (such as U.S. Trust). Mr. Schwab is still on the board and will continue to have a say in the direction of the company," Honore said.

Schwab now provides online brokerage services, banking and financial advice. Last week, the company's results topped expectations, although its overall performance this year has been hurt by the plunging value of a fund that bet heavily on mortgage-related assets.

"While Mr. Schwab leaves big shoes to fill, Mr. Bettinger is a long-term employee who has worked in Schwab's executive ranks for over a dozen years and understands the business," Aite's Honore' added.

An article in the Wall Street Journal describes Bettinger, who was born in Ohio, as a "plain-spoken executive with a Midwestern style."

During company presentations, Bettinger who has been COO at Schwab since February 2007, "has been known to use pictures of his family to illustrate the value of its clients to Schwab," the WSJ writes.

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