Microsoft approves up to $60 billion share buyback plan
By MYBRANDBOOK
Microsoft Corp has announced that the company will organise an up to $60 billion share buyback programme, raise its quarterly dividend by 11%, and appoint company President Brad Smith as vice chair.
The buyback programme of the company has no expiration date and may be terminated at any time. It also raised its quarterly dividend from the previous 56 cents to 62 cents per share - 6 cents over the previous quarter.
The technology giant also called the vice chair position an updated executive role for Smith, who currently leads a team of over 1,500 staff in 54 countries, according to his biography on Microsoft's website.
In 1992, Smith joined Microsoft from a law firm Covington & Burling to run corporate and legal affairs operations in Europe. He became general counsel in 2002 and, over the next decade, handled the resolution of antitrust cases, the biography showed.
Smith will continue to report to Chief Executive Officer Satya Nadella, Microsoft said.
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