Dina Dublon is joining the company's board of directors, which reversed a September decision to reduce the board from 10 members to nine.
By her résumé, Dina Dublon might have been the perfect candidate for Microsoft’s vacant chief financial officer post, but that won’t be her job.
Instead, Dublon is joining the company’s board of directors, which reversed a September decision to reduce the board from 10 members to nine. She was also appointed to the board’s audit committee.
Executives weren’t available to comment on the change of heart on the size of the board, but a corporate governance expert said it probably wanted more help overseeing Microsoft’s financial and regulatory affairs.
Dublon, 51, retired in December as chief financial officer and executive vice president of J.P. Morgan Chase. She has several ties to Microsoft and Chief Executive Steve Ballmer in particular; both serve on the board of Accenture, and J.P. Morgan sold Ballmer on an option buyback plan in 2003.
A native of Brazil and graduate of Hebrew University in Jerusalem and Carnegie Mellon University, Dublon was named one of the most powerful women in business by Fortune magazine. She’s also on the boards of several philanthropies: the Global Fund for Women, WorldLinks and the Women’s Commission for Refugee Women & Children.
“Dina’s extensive financial and accounting expertise will add to the board’s strengths in those areas,” Microsoft Chairman Bill Gates said in a news release.
Microsoft’s board of directors
Bill Gates: Microsoft co-founder, chairman and chief software architect
Steve Ballmer: Microsoft chief executive
James Cash Jr.: Former Harvard Business School professor
Dina Dublon: Former chief financial officer and executive vice president of J.P. Morgan Chase
Raymond Gilmartin: Merck chairman, president and chief executive officer
Ann McLaughlin Korologos: Chairman emeritus of The Aspen Institute and senior adviser with Benedetto, Gartland & Co.
David Marquardt: August Capital general partner
Charles Noski: Former AT&T vice chairman
Helmut Panke: BMW chairman of the board of management
Jon Shirley: Former Microsoft president and chief operating officer
In September Microsoft’s board said it would reduce its ranks to nine after Gary Reed, former chairman of Simpson Investment Company, resigned.
But new financial regulations have prompted many boards to add more finance experts. Oversight workloads have also increased and many boards have doubled the number of audit committee meetings, said Pat McGurn, special counsel at Institutional Shareholder Services, a Rockville, Md., company that advises investors on proxy voting.
“I think what we’re seeing today is companies that have one (financial expert on the board) are getting two, and companies that have two are getting three and so forth,” McGurn said. “Companies like Microsoft can pick and choose from the cream of the crop, so it does give them some leverage as far as finding good candidates.”
Microsoft is also searching for a chief financial officer to replace John Connors, who announced in January that he’s leaving the company to become a venture capitalist. Connors expected his replacement to be named in time for the company’s third-quarter earnings report, on April 28.
A company representative said Dublon was recruited for the board and not the CFO job.
The company also announced its regular quarterly dividend yesterday. The 8 cents per share is payable June 9 to shareholders of record as of May 18.
Brier Dudley: 206-515-5687 or email@example.com