Microsoft Corporation (NASDAQ:MSFT) Delays Naming New CEO
Even as the search committee set by the board of Microsoft Corporation (NASDAQ:MSFT) continues its more than 5 months old due diligence process for identifying the next CEO candidate who will relieve the retiring incumbent Steve Ballmer, the stock of the $296 billion market capped IT major continues to bleed.
Top Candidate Pulls Out
The situation become even more unclear this week, when Ford company President and CEO Allen Mulley in an interview categorically ruled himself out of the race for CEO at Microsoft Corporation (NASDAQ:MSFT). This has decidedly put a spanner in the wheels of the search committee’s efforts, since Mr Mullaly had been flagged as a front runner by Microsoft insiders, who were privy to these developments.
When this news got out on earlier this week, the stock of Microsoft Corporation (NASDAQ:MSFT) went down further. In the past five days, the stock has shed close to 4.7 percent of its market value and is trading at $35.53 per share, which takes the stock down 8.85 percent below its previous 52 week high price point.
Insiders Left In the Race
With its second quarter earnings call scheduled for January 23, insiders have indicated that the search committee set up by Microsoft Corporation (NASDAQ:MSFT) has redoubled its efforts in making its choice between few front runners for the CEO post from within the company. The names of potential CEO candidates from within the company, which are doing the rounds are Satya Nadella who in his capacity of Executive Vice President has led the company’s Cloud & Enterprise group, Tony Bates who heads the firm’s Business Development and Evangelism efforts and holds the title of executive vice president and Stephen Elop who till recently was the CEO of Nokia. (He is a former Microsoft employee and came back to Microsoft as part of Nokia handset acquisition by the Redmond headquartered firm.