This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Microsoft Board Recommends Gates, Ballmer for Re-Election

Stocks in this article: MSFT BLK AAPL GOOG NOK F

NEW YORK ( TheStreet) -- Chairman Bill Gates and outgoing CEO Steve Ballmer have been nominated for re-election to Microsoft's (MSFT - Get Report) board of directors.

In the company's recent proxy statement filing with the Securities and Exchange Commission Gates and Ballmer, both 57, top the list of nine candidates recommended for re-election to one-year terms on the board.

Microsoft shares were trading at $33.78, down 0.22 mid-morning in New York.

According to the government filing, Gates has been on the board for 32 years and is the largest individual stockholder with 4.52% of the company's shares. Ballmer joined the board in 2000, the year he ascended to the CEO post. Ballmer currently owns 3.99% of the company. All other board members own less than one percent.

Together, Gates and Ballmer own more than 8.5 percent of Microsoft. The next largest investor is BlackRock (BLK - Get Report) with more than 5.5%.

According to Reuters, both have recently been the target of a small group of investors who believe the company needs to change its focus to compete with rivals Apple (AAPL) and Google (GOOG). They reportedly are asking that Gates resign from the board.

In August Ballmer announced he would retire from his Microsoft CEO job within one year. Bill Gates is part of the three director committee charged with finding a replacement to run the company. Former Nokia (NOK) boss Stephen Elop is said to be inn the running for the top job. A few days ago Ford's (F) Alan Mulally took his name out of consideration.

The SEC filing made no mention of the possibility of Mason Morfit joining the Microsoft board. Morfit is president of ValueAct Capital Management and was offered a seat on the board two months ago. It is expected he will be appointed to a board seat sometime after the shareholders meeting scheduled for Nov. 19 in Bellevue, Wash.

In was also disclosed that Ballmer received a smaller bonus for fiscal 2013 mainly because of the poor showing of Windows 8 and the failure of Surface RT tablets to gain sales traction. In addition to his $697,500 salary Ballmer was paid a bonus of $550,000. That was 11% less than he had received in the previous year.

-- Written by Gary Krakow in New York.

To submit a news tip, send an email to tips@thestreet.com.

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,387.21 -291.49 -1.65%
S&P 500 2,029.55 -27.54 -1.34%
NASDAQ 4,681.4970 -90.2660 -1.89%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs