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Microsoft CFO Liddell to leave the company
Peter Klein to take over top finance job at software giant
By John Letzing, MarketWatch
Last Update: 5:41 PM ET Nov 24, 2009
SAN FRANCISCO (MarketWatch) -- Microsoft Corp. said Tuesday that Chief Financial Officer Chris Liddell will be leaving the company at the end of this year, a surprising development given Wall Street's praise for his guidance of the software giant's finances amid the recession.
Liddell will be replaced by current Microsoft business division finance chief Peter Klein, the company said in a statement Tuesday afternoon. The business division, home to Microsoft's Office suite of software, is one of two highly-profitable units at the company, alongside the client unit that includes its flagship Windows software.
"Chris and his finance team have accomplished a great deal over the past four and a half years," Microsoft Chief Executive Steve Ballmer said in the statement. "The team is deep and strong, and has an excellent record of building value for our shareholders."
Liddell, who joined Microsoft MSFT in 2005, has generally been applauded by Wall Street for clamping down on costs as Microsoft's sales have withered during the economic downturn.
Microsoft announced its first-ever official round of layoffs in January, cutting some 5,000 jobs, and followed that with 800 additional cuts earlier this month. The Redmond, Wash.-based company is counting on the latest release of its Windows software, Windows 7, to help it rebound following a string of downbeat quarters.
Microsoft topped Wall Street's lowered estimates with its fiscal first-quarter results, delivered last month, as Liddell told analysts that it appeared that the broader economy was "showing signs of stabilization."
"I am delighted to be leaving the company in such great shape," Liddell said in a statement Tuesday. Microsoft added that he's "currently looking at a number of opportunities that will expand his career beyond being a CFO."
Liddell, a native of New Zealand, joined Microsoft from International Paper Co. IP
His replacement, Klein, currently oversees 7,800 employees at the company's business division, Microsoft said. The business division turned in a profit of $2.86 billion in Microsoft's first quarter, even as revenue declined to $4.4 billion from $4.95 billion.
Shares of Microsoft dipped slightly to $29.74 in after-hours trading.
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