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Big investor gets option to join Microsoft board |
August 31, 2013
A week after Steve Ballmer said he plans to step down as CEO of Microsoft, ValueAct Capital, one of its biggest investors, has secured the right to appoint its president to Microsoft’s board.
Microsoft has signed a “cooperation agreement” with ValueAct that allows its president, Mason Morfit, to meet regularly with Microsoft board members to discuss “a range of significant business issues,” Microsoft said in a statement Friday.
The agreement gives ValueAct the option of having Morfit join Microsoft’s board, beginning at the first quarterly board meeting after Microsoft’s next annual shareholder meeting. Those meetings usually take place in mid-November.
ValueAct Capital, in San Francisco, holds about 0.8 percent of Microsoft’s outstanding stock and is one of its largest shareholders, Microsoft said. The firm manages about $12 billion in assets.
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Link: http://www.pcworld.com/article/2047901/big-investor-gets-option-to-join-microsoft-board.html#tk.rss_all
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