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

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

Microsoft said the buyback programme has no expiration date and may be terminated at any time.

By Reuters | Updated: 15 September 2021 10:15 IST

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

Photo Credit: Jesse Dittmar/ The Washington Post

Brad Smith will continue to report to Chief Executive Officer Satya Nadella, Microsoft said

Highlights

Smith joined Microsoft in 1993 from law firm Covington & Burling
He became general counsel in 2002
The vice chair position an updated executive role for Smith

Microsoft said it will conduct an up to $60 billion (roughly Rs. 4,42,120 crores) share buyback programme, raise its quarterly dividend by 11 percent, and appoint company President Brad Smith as vice chair.

Microsoft said the buyback programme has no expiration date and may be terminated at any time, and that it would pay a dividend of $0.62 (roughly Rs. 45) per share - 6 cents (roughly Rs. 44) over the previous quarter.

The US technology giant also called the vice chair position an updated executive role for Smith, who currently leads a team of over 1,500 staff in 54 countries, according to his biography on Microsoft's website.

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Smith joined Microsoft in 1993 from law firm Covington & Burling to run corporate and legal affairs operations 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 Chief Executive Officer Satya Nadella, Microsoft said.

© Thomson Reuters 2021

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