Microsoft Chief Financial Officer Peter Klein announced Thursday that he will be stepping down from his position, according to CNBC. This comes amidst the company’s growing issues with the sale of personal computers and the so-so acceptance of its latest operating system, Windows 8.
Klein spent 11 years at Microsoft and been the CFO for three and a half years. He has followed the lead of former head of Microsoft Steven Sinofsky who left the company in November.
Chief Executive Steve Ballmer praised Klein as he informed employees of Klein’s exit. Ballmer said Klein “has had a profound impact on the finance profession overall, and exhibited good oversight on cost controls as CFO." Baller also thanked Klein for his involvement in obtaining Skype and Yammer.
"I am proud of the work that finance has done and the impact we have had on the Company," said Klein in his letter of resignation. "One reason that now is a good time to leave is that the organization is very strong, and I am delighted we will be naming an internal candidate. I couldn't be more optimistic about both the Company's and Finance's future.”
While some question Ballmer’s ability to lead, he is confident that things will become better for the software giant.
“Our long term bets on the cloud are paying off, and while the mobile device environment is challenging, the decisions we made with Windows 8 and Windows Phone 8 set us up well for long term growth,” he said in the letter to employees concerning Klein’s resignation
Microsoft proved the expectations of analysts to be slightly off in last year's third quarter. The company posted earnins of $6 billion/72 center per share which was up from $5.1 billion/60 cents per share. Revenue rose last year from $17.41 billion to $20.49 billion. According to estimates from Thomson Reuters, earnings should have been at 68 cents per share on revenue of $20.5 billion.
Here is Klein’s full letter of resignation:
One noteworthy characteristic of Finance is the regularity of its rhythm – month end, quarter end, year end. Every one of those milestones marks the passage of time. And as time passes, and milestones are marked, we all periodically reflect on our lives, our goals, and our priorities. As we approach the end of the fiscal year, I have been reflecting in that way. And I have decided that now is a good time for me to step away from Microsoft and take some time to spend with my family in a way that I haven't had the opportunity to do in the 30 years I have been working.
This has not been an easy decision. I love Microsoft. I love my job. When I joined Microsoft 11 years ago I had this loosely held belief that people were one of the most important elements of any job or any company. I had no idea how profoundly true that is, but I do now. People are everything. Microsoft is the most amazing collection of talented, passionate and caring people I could ever imagine being associated with. It's been an honor and my good fortune to have been part of that.
I am proud of the work that Finance has done and the impact we have had on the Company. One reason that now is a good time to leave is that the organization is very strong, and I am delighted we will be naming an internal candidate. I couldn't be more optimistic about both the Company's and Finance's future.
Looking ahead, I have no specific plans. In the short term I will work to ensure a smooth transition. After that I intend to spend time with my extended family which is dispersed throughout the country and hopefully get to some long deferred travel. For the last 11 years Microsoft has been my family and now I am going to focus on my other family.
Thanks for being such a great team – I will follow your success with great interest and pride.
Peter
