A confident Ballmer leaves Microsoft 'completely' to run the Clippers
By Catholic Online (NEWS CONSORTIUM)
8/20/2014 (3 years ago)
Catholic Online (https://www.catholic.org)
Eight months after he ended his role as Microsoft CEO, Steve Ballmer resigned from Microsoft's board, a move that ends more than three decades of direct involvement in the world's largest software maker.
Steve Ballmer has left all positions of authority at Microsoft, leaving behind the tech giant to run the Los Angeles Clippers, for which Ballmer paid a record $2 billion.
LOS ANGELES, CA (Catholic Online) - The 58-year-old, who recently purchased the Los Angeles Clippers for $2 billion, will still remain Microsoft's top individual shareholder.
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Ballmer's departure ends 34-years of Microsoft management; he was CEO from 2000 to February 2014. Under Ballmer, revenue tripled, even as tech giants Apple and Google emerged onto the scene as powerhouses to compete in the growing tech market.
"I want to be a great shareholder and I want to pay appropriate attention to my shares but between teaching classes and my new responsibilities at the Clippers and my civic duties, it's a lot," Ballmer said in an interview. "I love Microsoft."
This move is among the latest changes to Microsoft's board. In July, Microsoft named longtime wireless executive John Stanton to the board, and in March, Steve Luczo stepped down as director. Back in February, Microsoft co-founder Bill Gates stepped aside as chairman and to be replaced by John Thompson.
Ballmer posted a letter to Satya Nadella on Microsoft's website on August 18, where he said that he would "support and encourage boldness by management in my role as a shareholder in any way I can."
After the letter Nadella thanked Ballmer for his years at the company, saying that the former CEO created an "incredible foundation that we continue to build on."
An analyst at Pacific Crest Securities, Brendan Barnicle, said that Ballmer's exit creates room for Nadella to put his personal stamp on Microsoft.
"I think he recognizes that it's very hard for a new CEO to take the reins and have full authority with the old CEO on the board," Barnicle said.
Ballmer owns 333.3 million shares of Microsoft, the most by any individual shareholder after Gates sold 4.6 million shares in May. Ballmer has collected about $3.4 billion selling his shares since the company's 1986 initial public offering.
Copyright 2018 - Distributed by THE CALIFORNIA NETWORK
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