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September 16, 2014 at 4:28 PM

Microsoft board to lose two, add two; dividend increase announced

Longtime Microsoft board members Dave Marquardt and Dina Dublon are stepping down from the board, while Kraft Foods executive Teri List-Stoll and Visa executive Charles Scharf will be joining it.

Teri List-Stoll (Photo from Microsoft)

Teri List-Stoll (Photo from Microsoft)

List-Stoll, executive vice president and chief financial officer of Kraft Foods Group, and Scharf, CEO of Visa, will join the board effective Oct. 1, Microsoft announced Tuesday.

Marquardt and Dublon, meanwhile, have decided not to seek reelection to the board and will retire at the end of their current term following the annual shareholders meeting in December.

The board also declared a quarterly dividend of 31 cents 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 company said. The ex-dividend date will be Nov. 18, 2014.

List-Stoll, 51, joined Kraft in September 2013 as senior vice president leading the business unit finance teams, and was appointed CFO in December, according to Kraft.  Prior to that, she spent nearly 20 years at Procter & Gamble, serving most recently as senior vice president and treasurer. She also serves on the board of Danaher Corp. and as a trustee of the Financial Accounting Foundation, according to the Microsoft news release.

Charles Scharf (Photo from Microsoft)

Charles Scharf (Photo from Microsoft)

Scharf, 49, CEO of Visa since November 2012, spent nine years before that at JPMorgan Chase as CEO of its retail financial services and managing director of One Equity Partners, the firm’s private investment arm.He has also served as CEO and CFO of BankOne Corp, and CFO of Salomon Smith Barney and the global corporate and investment bank division of Citigroup, according to Microsoft. He serves on the board of trustees of Johns Hopkins University and the board of directors of the Financial Services Roundtable.

“I’m excited to have both Teri and Charlie joining our board,” Microsoft CEO Satya Nadella said in the news 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, a founding general partner of private venture capital firm August Capital, has served on Microsoft’s board since 1981,

Dublon, 61, former CFO of JPMorgan Chase, has been on the board since 2005.

“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,” Bill Gates, Microsoft co-founder and technology adviser, said in the news release. “Dina has also been a great board member for almost a decade, and we all appreciate her guidance and support.”

In addition to Gates, Dublon, Marquardt and Nadella, Microsoft’s current board consists of John Thompson, board chairman and CEO of Virtual Instruments; Maria Klawe, president of Harvey Mudd College; G. Mason Morfit, president of ValueAct Capital; Charles Noski, former vice chairman of Bank of America; Dr. Helmut Panke, former chairman of the board of management at BMW AG; and John Stanton, chairman of Trilogy Equity Partners and Trilogy International Partners.

 

Comments | More in Microsoft | Topics: board, dividend

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