Japanese telecom gaint Softbank recorded a loss of $350 million for last nine months of 2016 in the fair value of the Company’s investments in India. The loss comes on top of a $555 million writedown on the value of Softbank’s India portfolio in the six-month period ending September 2016. “With reference to the current markdown, portfolio…
Microsoft Corporation has appointed Indian-born Satya Nadella as Chief Executive Officer and member of the Board of Directors on Tuesday.
Nadella previously held the position of Executive Vice President of Microsoft’s Cloud and Enterprise group.
“During this time of transformation, there is no better person to lead Microsoft than Satya Nadella,” said Bill Gates, Microsoft’s Founder and Member of the Board of Directors in a release.
Announcing the appointment, he further said “Satya is a proven leader with hard-core engineering skills, business vision and the ability to bring people together. His vision for how technology will be used and experienced around the world is exactly what Microsoft needs as the company enters its next chapter of expanded product innovation and growth.”
Since joining the company in 1992, Nadella has spearheaded major strategy and technical shifts across the company’s portfolio of products and services, most notably the company’s move to the cloud and the development of one of the largest cloud infrastructures in the world supporting Bing, Xbox, Office and other services. During his tenure overseeing Microsoft’s Server and Tools Business, the division outperformed the market and took share from competitors.
“Microsoft is one of those rare companies to have truly revolutionized the world through technology, and I couldn’t be more honored to have been chosen to lead the company,” Nadella said.
“Having worked with him for more than 20 years, I know that Satya is the right leader at the right time for Microsoft. I’ve had the distinct privilege of working with the most talented employees and senior leadership team in the industry, and I know their passion and hunger for greatness will only grow stronger under Satya’s leadership,” said Steve Ballmer, who announced on Aug. 23, 2013 that he would retire once a successor was named.
Microsoft also announced that Bill Gates, previously Chairman of the Board of Directors, will assume a new role on the Board as Founder and Technology Advisor, and will devote more time to the company, supporting Nadella in shaping technology and product direction. John Thompson, lead independent director for the Board of Directors, will assume the role of Chairman of the Board of Directors and remain an independent director on the Board.
“Satya is clearly the best person to lead Microsoft, and he has the unanimous support of our Board. The Board took the thoughtful approach that our shareholders, customers, partners and employees expected and deserved,” Thompson said.
Nadella was born in Hyderabad in the year 1967. He hold a bachelor of engineering in electronics and communication degree from Manipal Institute of Technology, Manipal, Karnataka. After moving to the US, Nadella earned an MS in Computer Science from the University of Wisconsin, Milwaukee and an MBA from the University of Chicago Booth School of Business.
He joined Microsoft in 1992, and led major projects including the company’s move to the cloud and the development of one of the largest cloud infrastructures in the world.