Sign up USA
Proactive Investors - Run By Investors For Investors

Microsoft hits one-month high on report Ford's Mulally may replace Balmer

Microsoft hits one-month high on report Ford's Mulally may replace Balmer

Microsoft Corp. (NASDAQ:MSFT), the world's largest software maker, rose to the highest price in one month following a report in the AllThingsD blog that Ford Motor Co. (NYSE:F) Chief Executive Officer Alan Mulally is a top candidate to replace Microsoft CEO Steve Ballmer. 

Microsoft shares advanced to $33.75, the highest intraday price since Aug. 27, before trading at $33.28, up 1.6 percent, at 3:20 p.m. in New York.  The stock has rallied 24 percent so far this year, roughly in line with the tech-heavy Nasdaq Composite Index (INDEXNASDAQ:.IXIC).

AllThingsD yesterday reported, citing sources, that Mulally, a turnaround expert, was now in the lead of the race to become Microsoft's CEO. In August, Ballmer said he would retire from Microsoft within a year.

Mulally, who was hired by Ford in 2006, successfully led the U.S. second-largest automaker's turnaround and is credited with overhauling Ford's corporate culture. In November 2012, Ford said Mulally intended to stay at Ford through at least the end of 2014.

Ford's Chief Operating Officer Mark Fields told reporters today that Mulally remains "absolutely focused" on crafting the Dearborn, Michigan-based company.

Fields, a longtime Ford executive, is widely expected to succeed Mulally as CEO, Reuters reported. In December, he became the company's COO, a role that involves running Ford's weekly business plan review meetings, at which executives air issues.

Ford's shares slid 1.6 percent to $17.00, the lowest intraday price since Sept. 9, at 3:30 p.m. in New York. The shares have more than tripled over the past five years and is up 31 percent this year.

 



Register here to be notified of future MSFT Company articles
View full MSFT profile

Microsoft Timeline

Article
October 06 2015

Related Articles

big-data.jpg
January 14 2016
“The share price has not woken up to the progress made by management and the valuation is aberrant,” said Simon Strong, growth company analyst at Cenkos.
ipad-on-knee.jpg
February 17 2016
Can a technology company valued at less than £8mln really be justified in claiming to be "reinventing television".
laptop_and_hands.png
April 13 2016
Chief executive Ashley MacKenzie spoke to Proactive Investors on Wednesday morning....
Copyright © Proactiveinvestors.com, 2016. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC