Microsoft said that it will buy back up to $60 billion in shares (approximately Rs. 4,42,120 crores), increase its quarterly dividend by 11%, and elevate company President Brad Smith as vice chair.
Microsoft said the repurchase program has no set end date and may be stopped at any moment, and that it will pay a $0.62 (approximately Rs. 45) per share dividend, up 6 cents (about Rs. 44) from the previous quarter.
According to Smith’s profile on Microsoft’s website, the vice chair job is an upgraded leadership role for him, who presently oversees a team of over 1,500 employees in 54 countries.
Smith came to Microsoft in 1993 from the law firm Covington & Burling to oversee 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 matters for the following decade.
According to Microsoft, Smith will continue to report to CEO Satya Nadella.