- Microsoft's (MSFT) board has formed a special committee to find a new CEO; Bill Gates is a member. Ballmer will remain CEO until a decision is made.
- Two big questions: 1) Did Ballmer lose Gates' support? The Microsoft chairman's backing of Ballmer in the face of intense criticism is widely seen as a reason he has held onto the top job for such a long time. 2) Did activist investor ValueAct (reportedly seeking a board seat) play a role, and if it did, will its other ideas now have an audience?
- Twitter is abuzz, with reactions to the move (unsurprisingly) quite favorable.
- Microsoft continues to surge, shares +8.7% premarket to $35.20. News of Ballmer's departure has added $24B to the software giant's market cap.
- Ballmer has sent out a memo. "I take this step in the best interests of the company I love."
- Previous: Ballmer retiring within 12 months
More on Microsoft/Ballmer
Aug 23 2013, 09:25 ET