Microsoft announces share buyback of up to $60 billion, ups dividend - Smith Vice Chair

Microsoft said on Tuesday its board had authorized a new share buyback program of up to $60 billion, while also raising the quarterly dividend by 11 percent.

The U.S. technology giant also called the vice-chair position an updated executive role for Smith, who currently leads a team of over 1,500 staff in 54 countries, according to his biography on Microsoft's website.

Smith joined Microsoft in 1993 from law firm Covington & Burling to run corporate and legal affairs operations in Europe. He became general counsel in 2002 and, over the next decade, handled the resolution of antitrust cases, the biography showed.

The new dividend of $0.62 per share is an increase of 6 cents over the previous quarter's dividend.

Microsoft said the share buyback program, which has no expiration date, may be terminated at any time.

The company's board also approved the appointment of Brad Smith as president and vice-chair.

While Smith already serves as the president of company, Microsoft said that vice chair was an updated executive role for him.