Microsoft Corp. on Tuesday announced that Teri List-Stoll, executive vice president and chief financial officer of Kraft Foods Group Inc., and Charles W. Scharf, chief executive officer of Visa Inc., have been appointed to the company’s board of directors and will join the board effective Oct. 1.
The company also announced that Dave Marquardt and Dina Dublon have decided not to seek re-election to the board of directors and will retire from the board at the expiration of their current term following the annual shareholders meeting in December.
Microsoft also announced its board of directors declared a quarterly dividend of $0.31 per share, reflecting a 3-cent, or 11 percent, increase over the previous quarter’s dividend. The dividend is payable Dec. 11 to shareholders of record on Nov. 20. The ex-dividend date will be Nov. 18.
“As we continue to focus on the company’s transformation and the board continues to evaluate capital strategy options, this dividend increase is another step in our ongoing commitment to increase capital returns to shareholders,” said Amy Hood, chief financial officer of Microsoft, in a press release.
Scharf, 49, has served as CEO of Visa since November 2012. Before joining Visa, Scharf spent nine years at JPMorgan Chase & Co. as the chief executive officer of Retail Financial Services and managing director at One Equity Partners, the firm’s private investment arm.
List-Stoll, 51, is executive vice president and chief financial officer for Kraft Foods Group, Inc. Before joining Kraft, she served as senior vice president and treasurer at Procter & Gamble.
“I’m excited to have both Teri and Charlie joining our board,” said Satya Nadella, CEO of Microsoft, in a press release. “Teri brings exceptional financial and operational expertise, as well as great insights from her two decades of experience in consumer and retail industries. Charlie, as a sitting CEO of a large global business, brings additional strategic and operational depth to the Microsoft board, as well as a deep understanding of how commerce is changing globally.”
Marquardt, 65, has served on the Microsoft board since 1981 in a variety of capacities. Dublon, 61, joined the Microsoft board in 2005, and has chaired the compensation committee.
“As one of our earliest board members, Dave has played an indispensable role in Microsoft’s growth and development, providing sage counsel and invaluable industry insights,” said Bill Gates, founder and technology adviser of Microsoft, in a press release. “Dina has also been a great board member for almost a decade, and we all appreciate her guidance and support.”
Adding List-Stoll and Scharf will increase Microsoft’s board to 12 members effective Oct. 1.
Scharf will be joining the board’s governance and nominating committee. List-Stoll will be joining the audit committee.
