Microsoft to buy back up to $60 bn in shares; names Brad Smith vice chair

In its latest statement, Microsoft Corp (MSFT.O) shared some updates the company would be making soon. To begin, it will conduct a share buyback program of up to $60 billion, increase its quarterly dividend by 11%, and appoint current company president Brad Smith as vice president.

Focusing on the buyback program, Microsoft further said it will not have any expiration date and can be terminated at any time. The company also mentioned that it would pay a dividend of $0.62 per share – 6 cents over the previous quarter.

Another update which the Tech giant put forth was the change in the vice chair position. The same being handed to Smith, who aces by leading a team of over 1,500 staff in 54 countries, from an executive level, he was accoladed to vice chair position.

Smith became a part Microsoft family in 1993. Prior to the joining, he worked at a law firm Covington & Burling to run corporate and legal affairs operations in Europe. He was appointed as the general counsel in 2002 and, in the next decade, he managed the resolution of antitrust cases, as per the details in his biography.

Microsoft said that Smith will continue to report to Chief Executive Officer Satya Nadella.

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