Microsoft announced that two of its current board members are retiring and that the company is filling the vacant seats with new board members. At the end of their terms, Dave Marquardt and Dina Dublon will retire, and Microsoft said that they would not be seeking re-election. When that happens, effective October 1, Kraft Foods Group Inc. EVP and CFO Teri List-Stoll and Visa Inc. CEO Charles W. Scharf will be joining Microsoft as its newest board members.
"I'm excited to have both Teri and Charlie joining our board," Microsoft CEO Satya Nadella said 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."
In addition to welcoming new board members, Microsoft also delcared an increased quarterly dividend compared to the prior quarter. The company will give shareholders $0.31 per share, or an 11 percent increase from last quarter.