Amazon.com, Inc. (NASDAQ: AMZN) shares are up after hours after the company unveiled a new $5 billion buyback program. According to an 8-K filed with the SEC, Amazon's Board of Directors has authorized the company to repurchase up to $5 billion in common stock.

Using semi-standard language for moves of this magnitude, the filing explains: "The program allows the Company to repurchase its shares opportunistically from time to time when it believes that doing so would enhance long-term shareholder value."

Of note, the repurchase program doesn't have a fixed expiration date.

Amazon previously had a $2 billion stock repurchase authorization, originally approved in 2010. The latest buyback program replaces that initiative.

The company also announced Corning executive Wendell P. Weeks will become a director, while board member Diego Piacentini will take a leave of absence for two years beginning in August 2016.

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