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Microsoft awards executives millions.
(From AFX Europe (Focus))
SEATTLE (AFX) - Several high-ranking Microsoft Corp. executives Thursday received millions of dollars in stock awards as part of a compensation program that the company rejiggered several years ago.
Three years ago, as its share price stagnated, making stock options less attractive, Microsoft switched from offering stock options to stock grants.
The executives reaped the first rewards of the new program Thursday, company spokesman Lou Gellos said. The first of three chunks of stock awarded under the program vested, making it available to the executives.
Jeff Raikes, president of the Microsoft division that includes Microsoft's Office business software, received stock worth $7.5 million at current prices.
Kevin Johnson, co-president of the group that includes the Windows operating system, received stock worth $6 million.
Brad Smith, Microsoft's top lawyer, received stock worth $2.3 million, and Chief Financial Officer Chris Liddell received shares worth $1.2 million at current prices.
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