Microsoft Corp, the world's largest software manufacturerBrad Smith, president and chief legal officer, was appointed vice chairman and announced a new share buyback plan worth up to $60 billion.
Microsoft Corp said in a statement on Tuesday that Smith, which joined Microsoft Corp in 1993, will continue to report to CEO Satya Nadella. Microsoft Corp also raised the quarterly dividend by 6 cents to 62 cents a share.
The repurchase authorization has no expiration date and may be terminated at any time. Microsoft Corp's shares have risen 35% since 2021, with a market capitalization of more than $2.2 trillion, making it the second largest listed company by market capitalization. Microsoft Corp's previous buyback plan was announced in September 2019, when it was worth $40 billion.