Software

Microsoft appoints new vice chairman and begins $ 60 billion share buyback

Microsoft announced the appointment of President and Chief Legal Officer Brad Smith as Vice Chairman of the corporation and a $ 60 billion share buyback. Smith joined Microsoft in 1993 and was named General Counsel in 2002. He will continue to report directly to Chairman and CEO Satya Nadella.

Brad Smith / Source: bloomberg.com

Brad Smith / Source: bloomberg.com

In recent years, Mr. Smith’s work has been related to resolving political, government and legal issues at Microsoft, including those related to relations with foreign governments, including China. He voiced the company’s official position on stability, immigration, voting rights, paid news for search engines, and data privacy. In addition, Mr. Smith is responsible for resolving antitrust disputes. He managed to steer the company away from the next wave of regulatory measures, which fell under Alphabet and Amazon.

Taking over as CEO of Microsoft in 2014, Satya Nadella restored the company to the title of technology leader, strengthening its position in the areas of cloud infrastructure, mobile software and artificial intelligence. The corporation managed to increase its market value to $ 2.2 trillion and accumulate $ 130 billion, of which it was decided to spend $ 60 billion on share repurchases, and the rest to finance acquisitions and increase dividends.

The buyback authorization has no expiration date – it can be terminated at any time. Microsoft’s assets grew 35% in 2021, making the IT giant the second most publicly valued company. The quarterly dividend was increased by 6 cents to 62 cents per share.

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Robbie Elmers

Robbie Elmers is a staff writer for Tech News Space, covering software, applications and services.

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