14 DAY TRIAL // ValueAct, the San Francisco-based investing firm that purchased a 0.8 percent stake in Microsoft earlier this year, is now very close to getting a seat in the board after signing a cooperation agreement with the Redmond tech giant.
As part of the deal, Mason Morfit, president of ValueAct Capital, will be given “the option of joining the Microsoft board of directors beginning at the first quarterly board meeting after the 2013 annual shareholders meeting,” as a public statement released today reads.
“Mason has extensive experience as a public company director, a wealth of financial knowledge and the perspective of a major shareholder. We have enjoyed getting to know Mason over the past few months and are looking forward to working with him,” said John Thompson, lead independent director and chair of Microsoft’s Governance and Nominating Committee.
“Microsoft is a world-class company with tremendous long-term potential,” said Morfit. “At this critical inflection point in the company’s evolution, I look forward to actively working together with the board and Microsoft’s management team to continue to create value for all shareholders.”
ValueAct Capital is said to be responsible for Steve Ballmer's departure, as the people behind the company did not agree with the newest vision promoted by the CEO.
Even though Ballmer has quickly denied all rumors pointing to ValueAct's involvement in his retirement decision, analysts and experts around the world claim that the CEO was definitely fired by the board.
Just as expected, ValueAct's cooperation agreement with Microsoft was vaguely commented on by Ballmer, who only said that the investing firm has what it takes to ensure the tech giant's growth.
“Our board and management team are committed to enhancing growth and value for Microsoft shareholders, and we look forward to ValueAct Capital’s input,” said Steve Ballmer, Microsoft chief executive officer.