IBM to spend another $7B on stock buyback

By Shane McGlaun/Oct. 26, 2011 7:23 am EST

This has been a big week for IBM. The company has appointed Virginia M. Rometty as CEO of the company, making her one of the highest profile female CEOs in the business world. When Rometty took the CEO spot, the former CEO Samuel J. Palmisano moved over to the Chairman position. While a new CEO and Chairman are in play, IBM has announced something else interesting today.

IBM will be buying back another $7 billion worth of its stock and has declared a dividend. That $7 billion in additional buyback is on top of the $5.2 billion that IBM had announced it would buy back at the end of September. Apparently IBM still isn't done gathering its own stock back up.

The technology giant is expected to ask its board for permission to buy back more stock in a board meeting set for next April. The quarterly dividend that was announced is 75 cents and will be paid to shareholders on December 10 that were on record as of November 10.

[via Business Week]