In a statement Microsoft Corp said, it has decided to buyback its shares worth up to $60 billion and raise its quarterly dividend by 11%. It has also appointed Brad Smith as its President and as its vice chairman.

It also stated, the buyback program has no expiration date and may potentially be terminated at any time.

Incidentally, Smith joined Microsoft in 1993 after a stint at Covington & Burling, a law firm where he ran corporate and legal affairs operations in Europe. In 2002, he became its general counsel and over the next decade, handled the resolution of antitrust cases.

Smith will continue to report to Chief Executive Officer Satya Nadella, said Microsoft.

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