The redemption authorization has no expiration date and can be terminated at any time.
POSTED ON SEPTEMBER 15, 2021 5:08 AM IST
Microsoft Corp., the world’s largest software maker, has named president and general counsel Brad Smith as vice president and unveiled a new share buyback program of up to $ 60 billion.
Smith, who joined Microsoft in 1993, will continue to report to CEO Satya Nadella, the Redmond, Washington-based company said in a statement on Tuesday. Microsoft also increased its quarterly dividend from 6 cents to 62 cents per share.
The redemption authorization has no expiration date and can be terminated at any time. The company’s shares rose 35% in 2021 and its market capitalization exceeds $ 2.2 trillion, making it the second most valued publicly traded company. Microsoft’s previous buyout plan, unveiled in September 2019, was $ 40 billion.
The company had $ 130.3 billion in cash and cash equivalents at the end of June, according to data compiled by Bloomberg.