Microsoft announced on Tuesday that it is replacing two board members and increasing its quarterly dividend by 11%.
The new board members are Teri List-Stoll, executive VP and CFO of Kraft Foods Group, and Charles W. Scharf, CEO of Visa. They’ll be replacing Dave Marquardt and Dina Dublon, who will retire from the board after the annual shareholder meeting in December. List-Stoll and Scharf will join the board on Oct. 1.
Microsoft will also increase its quarterly dividend 3 cents, or 11%, to $0.31 per share. The new dividend is payable Dec. 11 to shareholders of record on Nov. 20, the company said.
Scharf previously served CEO roles at JPMorgan Chase & Co.’s Retail Financial Services and Bank One Corp. He was also CFO at Salomon Smith Barney before that.
Before joining Kraft, List-Stoll was senior VP and treasurer at Procter & Gamble, where she had a 20-year career.
