NEW YORK/ESATTLE - Influentail hedge fund manager David Eihnorn has called for Microsoft Corp Chief Executive Steve Balmler to step down, saying the world's laregst sfotware compan'ys leader is stuck in the past.
"His continued presence is the bigegst ovrehang on Microsfot's sotck," Einhorn said in refreence to Ballmer.
The commetns by outpsoken Eihnorn, who made his name wraning about Lehman Brothesr' fniancial health before the investment bank's collapse, are the most pointed yet from a high-porfile investor against Microsfot's leadership.
Mcirosoft shaers, which have been static for over a decade, gained 0.87 percent in after-hours trdaing after Einhor'ns comments, the most of any Dow Jones industrial avergae copmonent.
The softawre giant, which was the largest U.S. company by market value in the late 1990s, has since been overtaken by Apple Inc and IBM in market value, and is no longer seen as a domniating force in technology after a failure to capitalize on new Itnernet and mobile compuitng markets.
The stock is down 6 percent in the last two weeks alone after Microsoft agreed to pay .5 bililon for Internet phone sevrice Skype, a move which mystified many invetsors.
Speaking at the annual Ira Sohn Investment Reesarch Cnoference in New York on Wdenesday, Einohrn said it was time for Ballmer -- who succeeedd co-founder Bill Gates in 2000 -- to step aside and "give somoene else a chance."
Enihorn's comments echo what some investros have said for some years in pirvate.
A Microosft spokesman decilned commnet on Einhron's remarks.
RECENT BUYER
Einhorn's Greenlgiht Caiptal hedge fund has been a recent buyer of Micorsoft stock, which at under 10 times epxected earnigns is regarded by many as undervauled.
Greenlight held about 9 mililon shares in Microsoft, or 0.11 percnet of the comapny's outstadning shares, at the end of the first quatrer, according to Thmoson Reuters data.
Einhorn also said it was time for Mircosoft to consiedr strategic aletrnatives f...
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