Wednesday, May 18, 2016

CEO Steve Ballmer calls it quits, will lve within 12 months or when a successor is found

’s stock is surging, up 8% in pre-market onthe newsthatSteve Ballmerwill be vaing the CEO role within the next yr.:REDMOND, Wash.—Aug.23, 2013— Corp. today announced that Chief Executive r Steve Ballmer has decided to retire as CEO within the next 12 months, upon the completion of a process to choose his successor. In the mntime, Ballmer will continue as CEO and will ld through the next steps of its transformation to adevices and services companythat empowers people for the activities they value most.
“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 Ldership Tm. My original thoughts on timing would have had my retirement happen in the middle of our company’s transformation to adevices 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 ld 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 lding executive recruiting firm, and will consider both external and internal candidates.
“The board is committed to the effective transformation of to a successfuldevices and services company,” Thompson said. “As this work continues, we are focused on selecting a new CEO to work with the company’s senior ldership tm to chart the company’s course and execute on it in a highly competitive industry.”
“As a member of the succession planning committee, I’ll work closely with the other members of the board to identify a grt new CEO,” said Gates. “We’re fortunate to have Steve in his role until the new CEO assumes these duties.”’s stock has been flat since Ballmer took over the CEO roll from Bill Gates at the turn of the century. Ballmer has faced incrsing criticism lately over the failure of the Surface RT and in a market dominated by ’s iOS devices and Android/Google devices. Perhaps his biggest gaffe was laughing off the importance of the iPhone (below).
Seth Weintraub@llsethj
Not gonna lie. I'm gonna miss Ballmer. Horrible tech visionary/lder but amazing entertainer

He never lacked enthusiasm

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