New York, NY, United States (4E) – Former Microsoft Chief Executive Steve Ballmer is leaving the company’s board of directors, according to a letter to CEO Satya Nadella on Tuesday. Ballmer expressed his support for the tech giant.
Ballmer, whose exit from the board will take effect immediately, is stepping down a year after announcing his resignation as CEO after serving for 13 years.
Nadella, who was named the CEO in February, said Ballmer’s leadership helped create an incredible foundation that the company can continue to build on.
Nadella continues to navigate the company in a difficult transition, while the company would cut up to 18,000 jobs over the next year, majority are connected to Nokia, which Microsoft acquired for over $7bn.
Ballmer’s holdings now account for 4 percent of Microsoft’s total shares, valued at $15.1bn at Tuesday’s closing price.
Since Ballmer’s announcement a year ago to retire as CEO, Microsoft’s stock price has climbed 39 percent.