Microsoft President Brad Smith Named as Vice Chair, Company to Buy Back Up to $60 Billion in Shares

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Microsoft said it would conduct a $60 billion (about Rs 4,42,120 crore) share buyback program, increase its quarterly dividend by 11 percent and appoint company chairman 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 (about Rs 45) per share – 6 cents (about Rs 44) compared to the previous quarter.

According to his biography on Microsoft’s website, the US tech giant also called the vice chair position an updated executive role for Smith, who currently leads a team of more than 1,500 employees in 54 countries.

Smith joined Microsoft in 1993 from the law firm Covington & Burling to conduct corporate and legal affairs 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 the CEO Satya Nadella, Microsoft said.

© Thomson Reuters 2021

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