The end of an era is near at Microsoft as news is hitting the wires that CEO Steve Ballmer is retiring within a year:
“There is never a perfect time for this type of transition, but now is the right time,” Ballmer said. “We have embarked on a new strategy with a new organization and we have an amazing Senior Leadership Team. My original thoughts on timing would have had my retirement happen in the middle of our company’s transformation to a devices and services company. We need a CEO who will be here longer term for this new direction.”
The Board of Directors has appointed a special committee to direct the process. This committee is chaired by John Thompson, the board’s lead independent director, and includes Chairman of the Board Bill Gates, Chairman of the Audit Committee Chuck Noski and Chairman of the Compensation Committee Steve Luczo. The special committee is working with Heidrick & Struggles International Inc., a leading executive recruiting firm, and will consider both external and internal candidates.
This is clearly welcome news as the stock is up in pre-market activity by over 8%. One wonders if his retirement is due to the fact that so much bad stuff has happened at Microsoft over the last few months?
In any case, at least the chairs will stop flying in Redmond.
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This entry was posted on August 23, 2013 at 9:31 am and is filed under Commentary with tags Microsoft. You can follow any responses to this entry through the RSS 2.0 feed.
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Breaking: Microsoft CEO To Retire In A Year
The end of an era is near at Microsoft as news is hitting the wires that CEO Steve Ballmer is retiring within a year:
“There is never a perfect time for this type of transition, but now is the right time,” Ballmer said. “We have embarked on a new strategy with a new organization and we have an amazing Senior Leadership Team. My original thoughts on timing would have had my retirement happen in the middle of our company’s transformation to a devices and services company. We need a CEO who will be here longer term for this new direction.”
The Board of Directors has appointed a special committee to direct the process. This committee is chaired by John Thompson, the board’s lead independent director, and includes Chairman of the Board Bill Gates, Chairman of the Audit Committee Chuck Noski and Chairman of the Compensation Committee Steve Luczo. The special committee is working with Heidrick & Struggles International Inc., a leading executive recruiting firm, and will consider both external and internal candidates.
This is clearly welcome news as the stock is up in pre-market activity by over 8%. One wonders if his retirement is due to the fact that so much bad stuff has happened at Microsoft over the last few months?
In any case, at least the chairs will stop flying in Redmond.
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This entry was posted on August 23, 2013 at 9:31 am and is filed under Commentary with tags Microsoft. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.