Microsoft Corp said on Tuesday it would conduct a stock buyback program of up to $ 60 billion, increase its quarterly dividend by 11% and appoint company president Brad Smith as vice president.
Microsoft said the buyback program has no expiration date and can be terminated at any time, and will pay a dividend of $ 0.62 per share, or six cents from the previous quarter.
The U.S. tech giant also called the vice president position an updated executive position for Smith, who currently leads a team of more than 1,500 employees in 54 countries, according to his bio on Microsoft’s website.
Smith joined Microsoft in 1993 after leaving the Covington & Burling law firm to lead business and legal operations in Europe. He became general counsel in 2002 and, over the next decade, handled antitrust case resolution, the biography shows.
Smith will continue to report to CEO Satya Nadella, Microsoft said.