Microsoft Announces CFO's Departure

Microsoft announces the departure of CFO Chris Liddell, promotes Peter Klein as his replacement.
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REDMOND, Wash. (

TheStreet

--

Microsoft

(MSFT) - Get Report

CFO Chris Liddell will be leaving the company at the end of this year and Peter Klein will serve as the company's new finance chief, the software giant said Tuesday.

Microsoft revealed Liddell's departure in an

Securities and Exchange Commission

filing, explaining that Liddell had resigned "to pursue other opportunities." Liddell will remain a Microsoft employee until Dec. 31, it added.

Liddell, who joined Microsoft in 2005, had earned a reputation as an efficient

cost-cutter

shaving billions of dollars from Microsoft's costs during the recession.

Microsoft recently announced its second round of layoffs this year,

cutting

800 more jobs. This followed

5,000 job cuts

in January when the recession was raging, its first-ever large-scale layoffs.

Klein, the new CFO, however, is confronted with a still uncertain IT spending environment. The latest round of redundancies, for example, came just days after Microsoft CEO Steve Ballmer

warned

that

IT spending

will not fully recover from recession.

"Peter

Klein brings great finance and operations expertise and a deep understanding of the company, and I am looking forward to a smooth transition that continues our commitment to cost containment and finance excellence," said Ballmer, in a separate statement Tuesday.

Klein, who has been serving as corporate vice president and CFO of the Microsoft Business Division, will earn a base salary of $500,000, according to the form 8-K.

Despite

rumblings

of a

tech rebound

from the likes of

Intel

(INTC) - Get Report

and

EMC

(EMC)

, Microsoft has struck a much less bullish tone.

Microsoft's sales dipped 14% year-over-year in its recent

first-quarter

results, although the

tech bellwether

is expecting a boost from its new

Windows 7

operating system.

The software giant's shares dipped 21 cents, or 0.70%, to $29.70 in extended trading.

-- Reported by James Rogers in New York