Microsoft names CEO Satya Nadella as tech giant's new Chairman

Microsoft's India-born CEO Satya Nadella has been appointed as the technology giant's new Chairman, an additional role in which he will lead the work to set the agenda for the board.

Microsoft Corp on Wednesday announced that the board's independent directors unanimously elected Nadella to the role of board chair, and unanimously elected John W Thompson as the lead independent director, a role he held previously from 2012 to 2014.

In this role, Nadella will lead the work to set the agenda for the board, leveraging his deep understanding of the business to elevate the right strategic opportunities and identify key risks and mitigation approaches for the board's review, the company said in a statement.

Nadella, 53, succeeds Thompson, who as the lead independent director, will retain significant authority including providing input on behalf of the independent directors on board agendas, calling meetings of the independent directors, setting agendas for executive sessions, and leading performance evaluations of the CEO, the technology giant said.

Nadella, who has served as chief executive since 2014, has helped transform the company into a leader in cloud computing in recent years, resulting in blockbuster earnings and a market cap of close to USD 2 trillion, CNN reported.

In addition to these role changes, the board declared a quarterly dividend of USD 0.56 per share. The dividend is payable September 9, 2021, to shareholders of record on August 19, 2021.

Nadella succeeded Steve Ballmer to become Microsoft's CEO in 2014.