By Shira Ovide
Former Microsoft Corp. Chief Executive Steve Ballmer, newly
installed as owner of the Los Angeles Clippers basketball team, is
stepping down from the company's board after 14 years.
"I think it would be impractical for me to continue to serve on
the board, and it is best for me to move off," Mr. Ballmer said in
a letter to Microsoft CEO Satya Nadella. Microsoft published the
letter on its website Tuesday. "I see a combination of the
Clippers, civic contribution, teaching and study taking a lot of
time," he wrote.
Mr. Ballmer's plans to step down as a director complete a
dramatic handover of power at Microsoft. For the first time in the
company's 39-year history, someone other than Mr. Ballmer and Bill
Gates will be in charge of the company. Mr. Gates also stepped down
as Microsoft's chairman in February, when Mr. Nadella was named
CEO. Mr. Gates remains a company director.
It's been unclear how long Mr. Ballmer would stay on as a
Microsoft director. While he had told people his position as a
significant Microsoft stock holder gave him reasons to stay
involved with the company, people close to Microsoft has said it
seemed increasingly likely Mr. Ballmer would relinquish his board
seat soon.
Mr. Ballmer is largest individual shareholder in Microsoft with
a 4.05% stake, worth more than $15 billion, according to FactSet
Research. He passed his former boss, Mr. Gates, who owns $13.5
billion, earlier this year.
Mr. Ballmer closed last week on his $2 billion purchase of the
Clippers from Donald Sterling and led a pep rally for the fan base
at Staples Center on Monday that appeared to endear him to the
community. Long interested in buying an NBA team, Mr. Ballmer's bid
was three times the record price for an NBA franchise.
He disclosed his plan to step down as Microsoft's CEO a year
ago, and Mr. Nadella was named to the top post in February.
Write to Shira Ovide at shira.ovide@wsj.com
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