Microsoft Corp. (MSFT.O) announced on Tuesday that it will execute a $60 billion share repurchase program, increase its quarterly dividend by 11%, and name company President Brad Smith as vice-chairman.
Microsoft said the buyback program has no set end date and can be ended at any moment, and that it will pay a $0.62 per share dividend, up 6 cents from the prior quarter.
According to Smith’s profile on Microsoft’s website, the vice-chair job is an updated executive role for Smith, who currently manages a team of approximately 1,500 employees in 54 locations.
Smith came to Microsoft in 1993 from the law firm Covington & Burling to head the company’s European corporate and legal affairs activities. According to his profile, he became general counsel in 2002 and oversaw the resolution of antitrust lawsuits for the next decade. According to Microsoft, Smith will continue to report to CEO Satya Nadella.
