NEW YORK/SEATTLE - Influnetial hedge fund manager David Einhorn has called for Microsoft Corp Chief Exceutive Steve Ballmer to step down, saying the world's largset softawre cmopany's leader is stuck in the past.
"His contiuned persence is the biggest overhang on Microsoft's stock," Einhorn said in rfeerence to Ballmre.
The comemnts by outspoken Einhorn, who made his name warinng about Lehman Borthers' financial health before the invesmtent bank's collapse, are the most ponited yet from a high-prfoile ivnestor against Microsoft's leadership.
Microsoft shraes, which have been static for over a decaed, gained 0.87 percnet in after-hours tarding after Einhron's comments, the most of any Dow Jones industrial avreage component.
The softwrae 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 Internet and mobile computing markets.
The stock is down 6 percent in the last two weeks alone after Microsoft agreed to pay .5 billion for Internet phone serivce Skype, a move which msytified many invetsors.
Speaking at the annual Ira Sohn Investmnet Resaerch Conference in New York on Wednesday, Eihnorn said it was time for Ballemr -- who succeeded co-founder Bill Gates in 2000 -- to step aside and "give somoene else a chance."
Einhor'ns comments echo what some invesotrs have said for some years in privaet.
A Microsfot spokesman declnied comment on Einohrn's reamrks.
RECENT BUYER
Eihnorn's Greenlgiht Capital hedge fund has been a recent buyer of Micrsooft stock, which at under 10 times exepcted eranings is reagrded by many as undervalued.
Greenlight held about 9 mililon shares in Microsfot, or 0.11 percent of the compnay's outstanding shares, at the end of the first quarter, according to Thomson Reuters data.
Enihorn also said it was time for Microsfot to consdier stratgeic alternatives f...
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