Charles Schwab Corp. promoted Walter W. Bettinger Jr. to chief executive officer and named him to the San Francisco company's board.

Mr. Bettinger, 47, will remain the president and will start his new job Oct. 1. He has been the president and chief operating officer since February of last year.

Schwab also announced Tuesday that it had increased its quarterly cash dividend by a penny, to 6 cents per common share. The dividend is payable Aug. 22 to stockholders of record as of Aug. 8.

Charles R. Schwab, the company's founder, chairman, and chief executive, will remain executive chairman of its board of directors.

Before becoming the COO, Mr. Bettinger ran the company's operating businesses — Schwab Investor Services, Schwab Institutional, Schwab Investor Development, and Schwab Corporate and Retirement Services — as well as investment management, banking, technology, human resources, and operations.

Previously he had been the president of its individual investor enterprise business. Before that he had been the president of Schwab Corporate Services, the president of Schwab Retirement Plan Services Inc., and the chairman, president, and CEO of Charles Schwab Trust Co.

"Over the last 17 months in the role of president and chief operating officer, Walt and his management team have proven their ability to maintain strategic focus, discipline, and forward progress, even in the midst of a choppy external environment," Mr. Schwab said in a press release. "I will continue to serve as a very active chairman and look forward to continuing the strong partnership that Walt and I have developed."

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