The sweeping revamp of Microsoft Corp. is likely to see four of the company’s board members leave before the year ends.
Dave Marquardt, 65 and Dina Dublon,61, will not seek re-election to the board of directors and “will retire from the board at the expiration of their current term following the annual shareholders meeting in December, according to a statement from Microsoft.
Microsoft Corp. also announced that Teri List-Stoll, executive vice president and chief financial officer of Kraft Foods Group Inc., and Charles W. Scharf, chief executive officer of Visa Inc., have been appointed to the company’s board of directors and will join the board effective Oct. 1, 2014.
Back in March, Microsoft also saw the departure of Stephen Luczo, CEO of drive maker Seagate and former Microsoft CEO Steve Ballmer.
Teri List-Stoll
“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.
In July this year, Microsoft CEO Satya Nadella outlined his views of Microsoft’s place in the world as well as sweeping changes to how the company will operate. He warned that “nothing is off the table” in the reorganization that will see a massive shift of the company’s culture.
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At least half of the 10 people that will make up the board by the end of this year will be new to their positions. They include Nadella, John Stanton, G. Mason Morfit, Scharf and List-Stroll.
Marquardt is a venture capitalist who has been member of the Microsoft board since 1981. Dublon joined the board in 2005.
Charles W. Scharf
List-Stoll, 51, is executive vice president and chief financial officer for Kraft Foods Group, Inc.
Before joining Kraft, she served as senior vice president and treasurer at Procter & Gamble. Previously, over the course of a nearly 20-year career at Proctor & Gamble, she held finance leadership roles across a diverse range of areas including business unit management, supply chain, sales, accounting, and financial planning and analysis. She serves on the board of Danaher Corp. and as a trustee of the Financial Accounting Foundation.
Scharf, 49, has served as CEO of Visa since November 2012.
Before joining Visa, Scharf spent nine years at JPMorgan Chase & Co. as the chief executive officer of Retail Financial Services and managing director at One Equity Partners, the firm’s private investment arm.
He also served as the chief executive officer and chief financial officer of Bank One Corp., and chief financial officer of both Salomon Smith Barney and the global corporate and investment bank division of Citigroup Inc. He serves on the board of trustees for Johns Hopkins University and the board of directors for the Financial Services Roundtable.