The stock of Microsoft Corporation (NASDAQ:MSFT) closed at $84.17 gaining 1.00% in yesterday’s trading session. This company has decided to boost the number of its board of directors by electing four new members which has put the total number at 14.It was back in February 2014 that Nadella became the company’s CEO. Nine of the 14 got their current positions after he took over the company’s leadership.
It is clear for anyone that has been following on the company’s progress to notice the great steps forward Nadella has helped it make. It has been prioritizing its wide array of cloud products over its declining Windows franchise. It seems like the company is slowly making its way out of the Smartphone business.
From the time Nadella rose to become the CEO, the company’s shares have moved up with a margin of about 70 percent. The newest members were announced recently though it was in the company’s annual meeting that they got elected by the shareholders.
The new members include, Arne Sorenson, Penny Pritzker, Reid Hoffman and Hugh Johnston. Mason Morfitt of hedge fund ValueAct is one of the top officials that resigned from the board. He had received the invitation to be a part of the board back in 2013 after a firm he was running succeeded to acquire a 0.8% stake in Microsoft.
It was the ValueAct that exerted immense pressure on the company to move ahead and replace the CEO at the moment who was called Steve Ballmer. The leader was undoubtedly in opposition to the release of Apple’s iPad. Nadella must be of a different point of view considering that the moment he rose to the top he resolved to support the release of the device.
The company’s spokesperson in a recent interview said, “With the new appointments, only three of Microsoft’s independent board members predate Nadella’s tenure: Chairman John Thompson, who joined in 2012; former Bank of America Vice Chair Charles Noski, who joined in 2003; and former BMW Chairman Helmut Panke, who also joined in 2003.”