The Board of Directors of The Charles Schwab Corporation today appointed Walter W. Bettinger II as president and chief executive officer and a member of the board of directors effective October 1, 2008.

Mr. Bettinger had previously served as president and chief operating officer. Company founder, chairman and chief executive, Charles R. Schwab will remain as executive chairman of the Board of Directors.

Announcing the appointment, Mr. Schwab said, "In Walt's 13 years at Schwab in a variety of roles across our businesses, he has proven himself an adept leader, committed to the growth of our business and to the passion for serving clients that guides us every day. 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. Our steady growth and financial strength are testaments to his skills, and he has earned my and the board’s respect and confidence."

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