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Charles Schwab Names New CEO, Boosts Dividend

Online brokerage Charles Schwab said Tuesday that founder Charles Schwab would step down as chief executive in October, and will be replaced by Walter W. Bettinger.

Schwab will remain executive chairman. Bettinger has been chief operating officer since February 2007. The changes are effective Oct. 1.

Schwab , the originator of the modern discount brokerage, said in a statement: "I will continue to serve as a very active chairman and look forward to continuing the strong partnership that Walt and I have developed."

Separately, the company said it would increase its quarterly cash dividend by 20 percent to 6 cents a share.