Microsoft Announces $60 Billion Share Buyback Program

Microsoft (NASDAQ:MSFT) has announced that it will buyback up to $60 billion U.S. of its own stock and raise its quarterly dividend by 11% to $0.62 per share – six cents higher than the previous quarter.

The Seattle-based technology giant said the buyback program has no expiration date and may be terminated at any time. Microsoft also announced that it has appointed company President Brad Smith as its new Vice Chairman.

The company called the Vice Chair position an updated executive role for Smith, who currently leads a team of over 1,500 staff in 54 countries. Smith joined Microsoft in 1993 from law firm Covington & Burling to run corporate and legal affairs operations in Europe.

Smith will continue to report to Microsoft Chief Executive Officer Satya Nadella, Microsoft said in a news release.