Current CEO of Microsoft Satya Nadella has been selected to become the chairman of company, the tech giant said on Wednesday and will replace independent director John Thompson through a unanimous voting at the board of the global software company.
This appointment also reflects the success that Nadela had achieved as the CEO of the company in the last seven years as he pushed Microsoft to greater prominence in technology and business altogether.
“In this role, Nadella will lead the work to set the agenda for the board, leveraging his deep understanding of the business to elevate the right strategic opportunities and identify key risks and mitigation approaches for the board’s review,” Microsoft said in a statement.
Under Nadella’s leadership, Microsoft managed to once again be anointed as the most valuable public company of the world. Currently the company is the second most valuable public company only preceded by Apple. Stocks of the company have also risen by more than 600 per cent.
Under the watch of Nadella, Microsoft has chosen to focus more on cloud computing services to leverage the applications that the company is able to develop while also expanding Microsoft through a series of acquisitions of business such as the social network LinkedIn, source code-sharing site GitHub and video-game developer Zenimax.
For his leadership of the company during the Covid-19 pandemic, Microsoft’s board members applauded Nadela’s efforts in the proxy statement the company filed in December. The company managed ot deliver a 14 per cent growth in the 2020 fiscal year even with the company facing severe challenges in the advertising and other markets.
“The board credits Mr. Nadella for his tremendous progress driving cultural change across the organization, especially given the unprecedented impact of Covid-19 on our business and our people,” Microsoft said.
With more than 1.6 million shares of the company’s stock, Nadella is also one of top individual shareholders of Microsoft.
Nadela was given this latest position in the company a year after Bill Gates, a co-founder of Microsoft and its first CEO, decided to quit the position and leave the company’s board. The decision of Gates to step down form the board of the company came after the board investigated a report that alleged that Gates had tried to start an intimate relationship with an employee in 2000, a company spokesperson said.
Thompson, formerly CEO of Symantec, joined Microsoft’s board in 2012 and replaced Gates as Microsoft’s chair in 2014, on the same day Nadella replaced Steve Ballmer as the Microsoft CEO.
(Adapted from CNBC.com)