United Parcel Service Inc. named a new chairman on Wednesday, saying Chief Executive David Abney would assume the role following the retirement of Scott Davis.

Separately on Wednesday, UPS lifted its quarterly payout to 78 cents a share from 73 cents a share. The dividend is payable to shareholders of record on Feb. 22.

The company said combining the roles of board chairman and CEO would "improve strategic allignment."

Mr. Abney, who joined UPS in 1974, was named CEO in 2014. He previously worked as the company's chief operating officer.

Mr. Davis led UPS as chief executive from 2008 until Mr. Abney took the helm as part of an announced succession plan. He joined UPS in 1986 when the company acquired II Morrow, an Oregon aviation-technology company where he was CEO.

Write to Lisa Beilfuss at lisa.beilfuss@wsj.com

(END) Dow Jones Newswires

February 10, 2016 18:05 ET (23:05 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.
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