Microsoft has announced that two of its existing directors, David Marquardt and Dina Dublon, will be leaving the company by year's end, and in their places, Kraft CFO and executive vice president Teri List-Stoll and Visa CEO Charles W. Scharf, have been appointed to the board.

While Marquardt has been a Microsoft director since 1981, Dublon has served on the company's board since 2005. Both decided not to seek reelection to the board of directors, the company said, adding that they'll retire from the board at the expiration of their current term following the annual shareholders meeting in December.

On the other hand, the new directors will join effective October 1, 2014. While Scharf, who previously worked at JPMorgan, has been CEO of the credit-card company since November 2012, List-Stoll served as senior vice president and treasurer at Procter & Gamble before joining Kraft.

"These additions help strengthen our ability to serve our shareholders and work with Satya and the company's senior leadership team on Microsoft's ongoing transformation", said John Thompson, Microsoft chairman.

Ever since Nadella took the reigns of Microsoft from Steve Ballmer, the Redmond-based company has gone through a major management shake-up. Back in February, co-founder Bill Gates stepped down as chairman to be replaced by Thompson. The next month, director Steve Luczo stepped down. In July, wireless pioneer John Stanton was named to Microsoft's board, and the next month Ballmer left the board.

"I'm excited to have both Teri and Charlie joining our board", said Nadella.

In addition, the software giant has also announced that it is increasing its quarterly dividend by 3 cents to 31 cents a share. That's an 11 percent increase, compared to 22 percent the company announced last year.