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Microsoft CEO Satya Nadella.

Microsoft’s board of directors continued its radical transformation on Tuesday under new CEO Satya Nadella.

Teri List-Stoll
Teri List-Stoll

The company announced that two directors, David Marquardt and Dina Dublon, will not seek re-election to the board. Joining the board will be Teri List-Stoll, Kraft Foods chief financial officer and Charles Scharf, Visa CEO.

The new members give the company additional expertise in financial services and consumer products. List-Stoll worked for nearly 20 years at Procter & Gamble before joining Kraft. Scharf was at JPMorgan Chase for nine years before joining Visa.

“I’m excited to have both Teri and Charlie joining our board,” said Nadella in a news release. “Teri brings exceptional financial and operational expertise, as well as great insights from her two decades of experience in consumer and retail industries. Charlie, as a sitting CEO of a large global business, brings additional strategic and operational depth to the Microsoft board, as well as a deep understanding of how commerce is changing globally.”

Charles Scharf
Charles Scharf
When the changes take effect later this year, six out of 10 Microsoft directors will have joined the board no earlier than 2012.

Former Microsoft CEO Steve Ballmer stepped down from the board last month, following the departure of Seagate Technology CEO Stephen Luczo earlier this year. Bill Gates stepped down as chairman when Nadella became CEO earlier this year, but the Microsoft co-founder remains on the board. Other recent additions include wireless veteran John Stanton and activist investor Mason Morfit of ValueAct Capital.

Marquardt, a venture capitalist, has been on the Microsoft board since it was formed in June 1981 — a 33-year tenure that saw Microsoft rise to become one of the most influential companies in the world, and more recently struggle to keep pace with more nimble rivals.

Dublon, the former chief financial officer of JPMorgan Chase, has been on the Microsoft board since 2005.

Microsoft also announced today that the board declared a quarterly dividend of 31 cents a share, an 11 percent increase.

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