Microsoft Corporation on Tuesday announced a 60 billion share buyback program. In addition to repurchasing its shares, the company said it would increase its quarterly dividend by 11 percent and appoint Brad Smith as chairman.

Microsoft has stated that the buyback program has no expiration date and could end at any time. Similarly, it has given a dividend of 0.62 per share.

According to the Microsoft website, the American technology giant has also given an executive role to Smith, who currently leads a team of 1,500 employees in 54 countries.

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

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