IBM’s board has declared a quarterly dividend of 75 cents a share and approved using $7 billion in a stock repurchase program.

The dividend will be paid on Dec. 10, 2011, to stockholders of record as of Nov. 10, 2011.

The company notes in a press release that, with this dividend, IBM has paid consecutive quarterly dividends every year since 1916.

In connection with the stock repurchase program, IBM explains it repurchases shares “from time to time, depending on market conditions.”

The $7 billion is in addition to the approximate $5.2 billion which remains as of September 2011 from a previous authorization.

In total, IBM has some $12.2 billion for its stock repurchase program, and the company says it will ask for an additional stock repurchase during the April 2012 board meeting.

"IBM's higher value, higher margin business strategy has enabled the return of over $109 billion since 2003 to our shareholders through share repurchases and dividends,” Samuel J. Palmisano, IBM chairman, president and CEO, said in the company press release. “Shareholders can expect that as IBM enters its second century we will continue to invest in new products and services, while expanding IBM's business into new, emerging markets."

In other company news, IBM's board of directors announced that Virginia "Ginni" Rometty will replace current Palmisano at the end of the year as CEO, according to TechZone360. Palmisano will remain as IBM’s chairman.

Rometty is IBM’s senior vice president and group executive for sales, marketing and strategy. Previously, Rometty was senior vice president of IBM Global Business Services.

"Ginni Rometty has successfully led several of IBM's most important businesses over the past decade—from the formation of IBM Global Business Services to the build-out of our Growth Markets Unit," Palmisano said in a company statement. "But she is more than a superb operational executive. With every leadership role, she has strengthened our ability to integrate IBM's capabilities for our clients. She has spurred us to keep pace with the needs and aspirations of our clients by deepening our expertise and industry knowledge. Ginni's long-term strategic thinking and client focus are seen in our growth initiatives, from cloud computing and analytics to the commercialization of Watson. She brings to the role of CEO a unique combination of vision, client focus, unrelenting drive, and passion for IBMers and the company's future. I know the board agrees with me that Ginni is the ideal CEO to lead IBM into its second century."