Former Microsoft CEO Steve Ballmer announced on Tuesday that he is stepping down from his position on the company's Board of Directors due to his new post-Microsoft schedule. He named several activities that prevent him from continuing to serve on the board including teaching, studying and the Los Angeles Clippers, which he purchased at the end of May.
"Given my confidence and the multitude of new commitments I am taking on now, I think it would be impractical for me to continue to serve on the board, and it is best for me to move off," Ballmer said. "The fall will be hectic between teaching a new class and the start of the NBA season so my departure from the board is effective immediately."
Current Microsoft CEO Satya Nadella responded to the letter, saying that he was grateful for Ballmer's help during the CEO transition, and for what he contributed over the last 34 years. Ballmer's input will be missed, Nadella said, but he understands why the former CEO has stepped down from the Board.
"As you embark on your new journey, I am sure that you will bring the same boldness, passion and impact to your new endeavors that you brought to Microsoft, and we wish you incredible success. I also look forward to partnering with you as a shareholder," Nadella said. "On behalf of all of Microsoft and the Board of Directors, thank you."
Steve Ballmer made his debut as the owner of the Los Angeles Clippers on Monday during a pep rally at the Staples Center. The NBA Team was previously owned by Donald Sterling for 33 years. However, racial remarks made by Sterling forced the NBA to ban him for life.
Ballmer paid $2 billion for the team and had reassured fans that he has no plans to move the team to Seattle, despite Ballmer residing in Washington.
Ballmer revealed a year ago that he would no longer serve Microsoft as CEO, that it was time for him to step down and move on to other things. He helped Nadella move into the CEO chair while remaining on the Board of Directors. Currently, Ballmer is the company's biggest shareholder with a 4.05 percent chunk worth more than $15 billion, according to The Wall Street Journal.
"I hold more Microsoft shares than anyone other than index funds and love the mix of profits, investments and dividends returned in our stock. I expect to continue holding that position for the foreseeable future," Ballmer said in his letter.
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"You get A/C, power steering, automatic transmission, built-in GPS navigation, you get all these features and more for a monthly lease of...how much would you guess? Five hundred? A thousand? Even more? NO!!!"
MS has been floundering for a decade. So I'm not unhappy to see him go. But I do wonder if the current leadership really has any clue about the problem, or if they are just going to keep trying to copy what worked for some other company 5 years ago.
But hey... He's a billionaire and I'm not. I must be doing 'it' wrong?