Higher Dividend For Shareholders Of Johnson Controls Inc. (NYSE:JCI)
A building efficiency, automotive experience, and power solutions company, Johnson Controls Inc. (NYSE:JCI) announced on Wednesday to raise its quarterly dividend and buyback program as well as an appointment to its board of directors.
The company reported that its board of directors has approved the hike in quarterly dividend payout from $0.19 to $0.22 per share, that accounts for almost 16% increase. The dividend is scheduled to be paid on January 6, 2014 and will be paid to shareholders of records as on December, 16. Considering its Wednesday’s closing of $48.22, the increased dividend would deliver 1.82% annualized dividend yield.
Increase in Buyback Program
Johnson Controls Inc. (NYSE:JCI) also said that its board of directors approved a $3 billion increase in its share repurchase program which now aggregates to $3.65 billion. The board also approved an $800 million stock repurchase agreement with Goldman Sachs Group Inc. (NYSE:GS) which will be funded in the current month. The rest of the program will be used during FY15 and FY16.
Johnson Controls Inc. (NYSE:JCI) appointed Raymond Conner to its board of directors with immediate effect. Presently, Mr. Conner is an Executive Vice President at The Boeing Company (NYSE:BA) and President and Chief Executive Officer of Boeing Commercial Airplanes. Mr. Conner has tremendous experience and skills in global management, manufacturing and technical expertise as well as an insight into government affairs.
Profile Brief: Raymond L. Conner
Mr. Conner who joined The Boeing in 1977 as a mechanic, holds a a MBA from the University of Puget Sound. During his tenure at the company he has served the various positions and different projects including 727 program, development of propulsion systems, 747 program, 777 Program and various sales program among other responsibilities.
Since June 2012, Mr. Conner is serving his current chair, looking after all the company’s Commercial Airplanes programs and services