Summary
Microsoft Corporation announced significant changes to its Board of Directors on September 16, 2014, effective October 1, 2014. Two long-serving directors, Dina Dublon and David F. Marquardt, will retire and not seek re-election at the upcoming annual shareholders meeting. Ms. Dublon has been a director since 2005, and Mr. Marquardt has served since 1981, bringing extensive experience and institutional knowledge to the board. In parallel, the company appointed two new directors: Teri List-Stoll and Charles W. Scharf. Ms. List-Stoll, currently EVP and CFO of Kraft Foods Group, will join the Audit Committee. Mr. Scharf, CEO of Visa Inc., will serve on the Governance and Nominating Committee. These appointments signal a refreshment of the board's composition, bringing in new perspectives and financial/operational expertise, which could be viewed positively by investors seeking continued strong governance and strategic oversight.
Key Highlights
- 1Retirement of two long-standing Board members: Dina Dublon (since 2005) and David F. Marquardt (since 1981).
- 2Appointment of two new independent directors: Teri List-Stoll and Charles W. Scharf.
- 3Teri List-Stoll, with CFO experience at Kraft Foods Group, appointed to the Audit Committee.
- 4Charles W. Scharf, CEO of Visa Inc., appointed to the Governance and Nominating Committee.
- 5New directors' appointments are effective October 1, 2014.
- 6Both new directors will receive standard compensation for non-employee directors.
- 7The company issued a press release on September 16, 2014, announcing these board changes.