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Microsoft hikes dividend 15%

Microsoft hikes dividend 15%

Microsoft Corp.'s (NASDAQ:MSFT) stock dipped in pre-market trade Wednesday a day after reporting board director Raymond V. Gilmartin retired, as the technology company hiked its quarterly dividend by 15 per cent. 

Shares of the software company fell 0.40 per cent to reach $31.05 each on the Nasdaq, in pre-market trade. 

The company announced after markets closed Tuesday its board declared a 23 cent dividend, which will be paid to stakeholders on December 13.  

Microsoft also said on Tuesday that long-time director Gilmartin, 71, former chief executive of drug company Merck & Co., will retire and not seek re-election at the 2012 annual shareholder meeting. 

Gilmartin, who joined Microsoft's board in 2001, said he was scaling back on his professional commitments to shore-up more personal time.  

With Gilmartin's departure, Microsoft's board will have 10 members: Bill Gates, Steve Ballmer, Dina Dublon, and Netflix (NASDAQ:NFLX) founder Reed Hastings to name a few.

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October 06 2015

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