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Microsoft names CEO Satya Nadella as chairman

Stock Markets16 minutes ago (Jun 16, 2021 07:16PM ET)

(C) Reuters. FILE PHOTO: Satya Nadella, Chief Executive Officer of Microsoft, reacts as he attends Microsoft’s ‘Young Innovators’ Summit’ in New Delhi, India February 26, 2020. REUTERS/Anushree Fadnavis

(Reuters) -Microsoft Corp on Wednesday named Chief Executive Officer Satya Nadella as its new chairman, in place of John Thompson.

Nadella, who took over as CEO in 2014 from Steve Ballmer, has been instrumental in scaling up its business including billion-dollar acquisitions like LinkedIn, Nuance Communications (NASDAQ:NUAN) and ZeniMax.

The company said Thompson, who took over as chairman from the software giant’s co-founder Bill Gates in 2014, will serve as lead independent director.

The top-level executive change comes just over a year after Gates stepped down from the board, saying he would focus on philanthropic works of the Bill and Melinda Gates Foundation, one of the world’s biggest charities.

The company had last month said it conducted a probe into Gates’ involvement with an employee almost 20 years ago after it was told in 2019 that he had tried to start a romantic relationship with the person.

Microsoft (NASDAQ:MSFT) had declined to comment on whether its board had decided Gates should go.

The company also declared a quarterly dividend of 56 cents per share payable Sept. 9.

Microsoft names CEO Satya Nadella as chairman

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