Microsoft Corp. this week announced its board of directors have declared a quarterly dividend of $0.23 per share. This represents a 15% increase over the previous quarter’s dividend of $0.20. The dividend is payable December 13 to shareholders of record on November 15.

In other Microsoft news, the company announced the retirement of one of Raymond Gilmartin from its board of directors. Gilmartin is the former chairman, president, and CEO of Merck & Co. He stated that he will retire and not seek re-election to Microsoft’s board of directors at its next annual shareholder’s meeting.

“It’s been a real pleasure to work with Microsoft during a transformative period for the company, and see first-hand the vision and dedication that are reshaping Microsoft’s future and the future of the industry,” said Gilmartin.

Gilmartin joined the Microsoft board in 2001. At 71 years old, he is “reducing his professional commitments to free up more personal time.” His departure leaves the Microsoft board with ten members, including Microsoft Chairman Bill Gates, Netflix founder Reed Hastings, former JPMorgan Chase CFO Dina Dublon, and Microsoft CEO Steve Ballmer.

“Ray has been a strong and insightful member of the board,” said Ballmer. “We appreciate his many contributions over the past eleven years,”