Tags: microsoft | stock | surges

Microsoft Stock Surges Following New Executive Appointments

Image: Microsoft Stock Surges Following New Executive Appointments CEO of Microsoft, Satya Nadella, speaks at a media event in San Francisco California.

Tuesday, 01 Apr 2014 11:13 AM

By Clyde Hughes

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Microsoft's stocks surged 4 percent, a 14-year high, since the tech giant's new CEO Satya Nadella announced a series of executive appointments.

In a letter to employees Monday, Nadella wrote that he hoped the appointments, along with the soon-to-be completed acquisition of Nokia, help Microsoft innovate. 

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"Recently, I've discussed with the Microsoft leadership team the need to zero in on what truly makes Microsoft unique," Nadella wrote. "As I said on my first day, we need to do everything possible to thrive in a mobile-first, cloud-first world. The announcements last week, our news this week, the Nokia acquisition closing soon, and the leaders and teams we are putting in place are all great first steps in making this happen."

Microsoft's stock jumped to $41.50 per share, its highest since April 2000. The company's stock was $53.98 per share in 1999 before the dot-com bust, according to Investor.com.

Overall, Microsoft's stock has risen 13 percent since Nadella replaced Steve Ballmer as CEO on Feb. 4.

Investor.com reported that in March, Nadella announced that Tony Bates, former CEO of Skype, and Tami Reller, a Windows executive, were leaving Microsoft. Nadella appointed Eric Rudder to replace Bates in the interim to handle business development and evangelism. He promoted Chris Capossela to executive vice president and chief marketing officer and Mark Penn to executive vice president and chief strategy officer.

On Monday, Nadella announced that Scott Guthrie was promoted as an executive vice president. Phil Spencer will now lead Xbox, and Stephen Elop is the new executive vice president of Microsoft's Devices Group.

Nadella previously oversaw the release of Office suite for Apple's iPad as well as new device-agnostic services.

Microsoft will host its Build developer conference in San Francisco Wednesday to Friday, where the tech giant will detail its future plans for the Windows operating system.

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