Microsoft shuffles its board of directors

Microsoft is replacing two long-term retiring board members with two new ones later this year.

A month after former Microsoft CEO Steve Ballmer stepped down from the Microsoft board , the company is making more changes to its board of directors line-up.

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On September 16, Microsoft announced that two of its current board members — Dave Marquardt, General Partner with August Capital, and Dina Dublon, former CEO of JPMorgan Chase — won't be seeking reelection to the board and will retire from it after Microsoft's annual shareholders meeting in December. Dublon has been on the Microsoft board since 2005; Marquardt since 1981.

Taking their places will be 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.

The two new members will join the board as of October 1, 2014.

Microsoft also announced yesterday that its board declared a quarterly divident of 31 cents per share, a 3 cent increase over the previous quarter's dividend. The divident will be payable to shareholders of record as of November 20 on December 11, 2014.

Once the new board members are installed and the two departing ones gone, Microsoft's board will consist of ten individuals, including Microsoft founder Bill Gates, board chair John W. Thompson, Microsoft CEO Satya Nadella, and activist investor G. Mason Morfit, president of ValueAct Capital .