As part of its ongoing balanced capital deployment strategy, the Company announced a 10% increase to its quarterly cash dividend and increased its share repurchase authorization by $2.0 billion. Cognizant declared a quarterly cash dividend of $0.22 per share on Cognizant Class A common stock for shareholders of record at the close of business on February 18, 2020. This dividend will be payable on February 28, 2020.

The company announced that Vinita Bali has been appointed to its Board as a new independent director effective February 24, 2020 and that Vice Chairman Francisco D'Souza will leave the Board effective March 31, 2020. Ms. Bali, was most recently Managing Director and Chief Executive Officer of Britannia Industries, an India-based food company, from 2005 to 2014. Prior to Britannia, she spent most of her career in senior general management, corporate strategy and marketing roles for The Coca-Cola Company and Cadbury Schweppes Plc. Ms. Bali is a member of the Boards of Bunge Ltd. and Smith & Nephew Plc. Francisco D'Souza was elected to Cognizant's Board of Directors in January 2007 and has served as Vice Chairman since June 2018. He co-founded Cognizant in 1994 and served as the company's CEO from January 2007 through March 2019. In addition to his tenure as CEO, he served as President from 2007 to 2012 and held a variety of senior management positions, including Chief Operating Officer, from 2003 to 2006.