Microsoft has announced that Teri List-Stoll, executive vice president and chief financial officer of Kraft Foods, and Charles Scharf, chief executive officer of Visa, have been appointed to the company's board of directors. Dave Marquardt and Dina Dublon, who are currently on the board, will retire at the expiration of their current term.
"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.
Teri List-Stoll is an executive vice president and chief financial officer for Kraft Foods. The 51 year old has served as the senior vice president and treasurer at Procter & Gamble for close to twenty years, holding various leadership roles across a diverse range of areas.
Charles Scharf has served as the CEO of Visa since November of 2012 and the 49 year old has spent nine years at JPMorgan Chase as their chief executive officer of Retail Financial Services and managing director at One Equity Partners, the firm’s private investment arm. Scharf has been the chief executive officer and chief financial officer of Bank One, and chief financial officer of both Salomon Smith Barney and the global corporate and investment bank division of Citigroup Inc.
"I’m excited to have both Teri and Charlie joining our board," said Satya Nadella, CEO of Microsoft. "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."
With the addition of List-Stoll and Scharf, Microsoft's board will be increased to 12 members effective October 1st.