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August 23, 2013

Ballmer Announces Retirement, Microsoft Stock Jumps

Posted by David Hunter at 2:32 PM ET.

Microsoft announced today that CEO Steve Ballmer will retire within a year as soon as a successor is named. The stock market treated this as very good news (courtesy Zero Hedge)

Ballmer-retirement-Microsoft-stock-price

 

As always, I expect the traders got carried away by unwarranted exuberance. Mr. Ballmer may have been unable to break Microsoft out of its large company doldrums, but it isn’t obvious that the Microsoft board will find anyone who can.

“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.”

Large companies always seem to believe they need slogans to inspire the troops (and shareholders) and "devices and services" is Microsoft’s current one. It will be interesting to see how long this slogan survives a new leadership and whether Microsoft can be rejuvenated short of a near death experience. For the moment though, Microsoft still has a sturdy herd of cash cows that can fund a lot of continued floundering.

 

In the meantime, here’s a reminder of happier days in Redmond:

 



Filed under Executives, Microsoft, Steve Ballmer

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