Three of the top twenty Microsoft investors want co-founder and chairman of the Microsoft board, Bill Gates to step down, reports Reuters. Gates owns 4.5 percent of the $277 billion company and is the single largest individual investor.
Reportedly, the three investors believe that Gates chairmanship blocks the adoption of new strategies and would limit the power of the new incoming CEO, who will replace Steve Ballmer in the next twelve months. In particular, it has been pointed out that his presence in the committee searching for Ballmer’s successor is not ideal.
Another concern is that most of his time is devoted to philanthropy, and he wields too much power, which is not in proportion to his declining shareholding.
In 1986 he owned 49 percent of Microsoft, but he sells about 80 million Microsoft shares every year under a pre-set plan till 2018, which will eliminate his stake in the company.
While Microsoft is still among the biggest technology companies in the world, it has missed the bus in the mobile market and its search engine struggles to compete against Google. It has been noted that Microsoft has been unable to innovate in the last 13 years, ever since Steve Ballmer took over as the CEO of the company,and there is a need for fresh blood in the company so that it can stay relevant in the future.