The software company's shares are up approximately 8 percent in early trading. August 23, 2013 6:43 AM PDT So long, Steve. (Credit: James Martin/CNET) Microsoft's shares are up significantly in early trading on Friday following news of CEO Steve Ballmer's impending retirement. Microsoft's shares were up approximately 8 percent on Friday, landing at more than $35 per share before easing off a bit. As of this writing, Microsoft's shares are up 7.6 percent to $34.86. The bump in share price comes immediately after Microsoft announced this morning that CEO Steve Ballmer will retire from the company within the next 12 months. Ballmer will stay on at the company until the Board of Directors appoints someone to replace him. A special committee has already been formed to find his replacement. Related stories Ballmer memo: Microsoft needs longer-term leader Microsoft CEO Steve Ballmer to retire within 12 months Funky Friday: More than $32 billion in Microsoft stock value wiped out Steve Ballmer remakes Microsoft one more time Ballmer to staff: 'One Microsoft all the time' That Microsoft's shares are up following news of Ballmer's impending ouster speaks volumes about Wall Street's view on the company's CEO. During his tenure, Ballmer has helped Microsoft grow its Windows installed base, but has also presided over the mistake that was Windows Vista, the company's poor standing in mobile, and the much-maligned Windows 8. In a statement on the matter, RBC analyst Matthew Hedberg said that he expects investors "to view the development as a large positive for the stock," adding that Ballmer's ouster could mean "that more changes to the business could be forthcoming than what was recently communicated to investors." In other words, this is just the tip of the iceberg. We will continue to update this story throughout the day as Microsoft's shares continue to trade.
The software company's shares are up approximately 8 percent in early trading.
So long, Steve.
(Credit: James Martin/CNET)
Microsoft's shares are up significantly in early trading on Friday following news of CEO Steve Ballmer's impending retirement.
Microsoft's shares were up approximately 8 percent on Friday, landing at more than $35 per share before easing off a bit. As of this writing, Microsoft's shares are up 7.6 percent to $34.86.
The bump in share price comes immediately after Microsoft announced this morning that CEO Steve Ballmer will retire from the company within the next 12 months. Ballmer will stay on at the company until the Board of Directors appoints someone to replace him. A special committee has already been formed to find his replacement.
Related stories
- Ballmer memo: Microsoft needs longer-term leader
- Microsoft CEO Steve Ballmer to retire within 12 months
- Funky Friday: More than $32 billion in Microsoft stock value wiped out
- Steve Ballmer remakes Microsoft one more time
- Ballmer to staff: 'One Microsoft all the time'
That Microsoft's shares are up following news of Ballmer's impending ouster speaks volumes about Wall Street's view on the company's CEO. During his tenure, Ballmer has helped Microsoft grow its Windows installed base, but has also presided over the mistake that was Windows Vista, the company's poor standing in mobile, and the much-maligned Windows 8.
In a statement on the matter, RBC analyst Matthew Hedberg said that he expects investors "to view the development as a large positive for the stock," adding that Ballmer's ouster could mean "that more changes to the business could be forthcoming than what was recently communicated to investors."
In other words, this is just the tip of the iceberg.
We will continue to update this story throughout the day as Microsoft's shares continue to trade.
