UPDATE 1-EDS to buy back $1 bln in shares; names chairman

(Recasts lede, adds background on Rittenmeyer, EDS stock)

LOS ANGELES, Dec 4 (Reuters) - Electronic Data Systems Corp's EDS.N board has approved a roughly $1 billion share buyback program and named Chief Executive Ron Rittenmeyer as its chairman, the technology services company said on Tuesday.

Rittenmeyer, 60, retains the titles of president and CEO. He succeeds Mike Jordan, 71, who will step down from the board and become chairman emeritus. Both appointments are effective Dec. 31, the company said in a statement.

The buyback program authorizes the company to repurchase up to $1 billion in stock over the next 18 months or so.

"This program increases our flexibility in managing our capital and driving shareholder value," Rittenmeyer said.

Rittenmeyer joined EDS in 2005 as executive vice president of service delivery. He was promoted to CEO in September.

Texas-based EDS is the world's No. 2 technology services company by revenue. It has been boosting profit by cutting costs and jobs and by generating revenue from contracts including a $3.9 billion deal with the U.S. Navy last year. It reported an 80 percent rise in quarterly profit last month.

Shares of EDS closed on Tuesday at $19.89 on the New York Stock Exchange, off its year low of $18.89. (Reporting by Dana Ford, with additional reporting by Shamik Paul in Bangalore; Editing by Braden Reddall)