Microsoft CFO leaves for start-up.
Published:
29 December 1999 y., Wednesday
Microsoft chief financial officer Greg Maffei has resigned to become chief executive of Worldwide Fiber, a privately held firm that specializes in building fiber optic networks. The software giant Wednesday said that the resignation is effective Jan. 7 and that Maffei will be replaced by John Connors. Connors has been with the company 11 years and is currently the vice president of the worldwide enterprise group. "Greg_s contributions have been outstanding," Microsoft chief operating officer Bob Herbold said in a statement. "His strong financial management abilities have helped Microsoft_s finance organization to be recognized as world-class." Connors brings a vast range of experience to the position of CFO. In his first year as chief information officer he trimmed $58 million off Microsoft_s technology budget by improving efficiency. He also streamlined how Microsoft
negotiates contracts. Maffei_s resignation was announced on the same day the software giant_s market capitalization surpassed $600 billion. The company_s stock has risen steadily in recent days on optimism over Windows 2000, the company_s new operating system for businesses that will be released next year.
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