The board of directors of Kraft Foods Group, Inc. declared a regular quarterly dividend of $0.525 per share of common stock, payable on Jan. 17, 2014, to shareholders of record on Dec. 27, 2013.
The board of directors also authorized a $3 billion stock repurchase program. The program, which has no expiration date, is the company's first stock repurchase program since it became an independent public company in October 2012.
"We've made significant progress in creating a cash-focused, return-oriented company," said Kraft CEO Tony Vernon in a prepared statement. "Today's announcement reflects our commitment to disciplined capital management and the desire to balance investments in our businesses to generate profitable growth while at the same time returning capital to shareholders. The stock repurchase program helps us deliver on that commitment while providing flexibility for the future."
Under the stock repurchase program, the company is authorized to repurchase shares of common stock in the open market or in privately negotiated transactions. The timing and amount of stock repurchases will be subject to management evaluation of market conditions, applicable legal requirements and other factors.