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Technology Stocks : How high will Microsoft fly? -- Ignore unavailable to you. Want to Upgrade?

To: Charles Tutt who wrote (35784)	12/22/1999 7:03:00 PM
From: ericneu	Read Replies (1) \| Respond to of 74651

Has anybody seen yet where he is going? --- Here it is, and it sounds like a good move for Greg. While they don't say it outright it looks like he's finally getting the CEO job he's been wanting. news.cnet.com Microsoft CFO leaves for start-up By Jeff Pelline and Michael Kanellos Staff Writers, CNET News.com December 22, 1999, 2:35 p.m. PT update Microsoft said today that chief financial officer Greg Maffei will resign, effective Jan. 7, to accept a position with Worldwide Fiber, a privately held firm that specializes in building fiber optic networks. The software giant said Maffei will be replaced by John Connors, who has been with Microsoft for nearly 11 years. His most recent position was vice president of the worldwide enterprise group. Connors previously was vice president and chief information officer at Microsoft. "Greg's contributions have been outstanding," said Microsoft chief operating officer Bob Herbold in a statement. "His strong financial management abilities have helped Microsoft's finance organization to be recognized as world-class." Added Microsoft president Steve Ballmer: "John Connors has been a key member of Microsoft's senior management team for many years and now steps into the CFO role with a strong track record in financial management, information technologies, sales and marketing and customer service." On a temporary basis, Microsoft's worldwide enterprise group will report to Jeff Raikes. 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. Microsoft shares closed at 117.50, up 1.63. The company announced Maffei's resignation after the markets had closed for the day. In after-hours trading the shares dipped below 115. "We are very excited to have Greg on board," David Lede, chairman of Worldwide Fiber, said in a statement. "We were looking for a leading executive and an established deal-maker who understands the convergence of software applications, the Internet and telecommunications." In the same statement, Maffei said, "This is a great opportunity. Worldwide Fiber is very well-positioned to capitalize on the amazing growth in Internet and data traffic. It is well funded with abundant international assets and a very strong management team." Maffei has been widely recruited in the technology industry this year. This included senior positions at Time Warner's Road Runner unit, which provides high-speed bandwidth services, as well as Apple Computer. Worldwide Fiber is based in Vancouver, Canada. A representative told CNET News.com he would join the firm next month. Worldwide Fiber provides high-speed fiber optic network infrastructure and services to telco carriers and ISPs. Currently, the company is working on constructing a 22,000 mile fiber optic network in North America. The company also recently announced deals with Qwest and Williams Communications. Formerly a division of Ledcor Industries, a Canadian construction firm, Worldwide Fiber was spun out as an independent company in 1998. - Eric