Microsoft Corp. (MSFT), the world's largest software maker, said Tuesday that it has appointed Peter Klein as its new chief financial officer to replace Chris Liddell, who has informed his intention to resign his position to pursue other opportunities.
Liddell will remain an employee of the company through December 31, Microsoft said.
Liddell, who joined Microsoft in May 2005 from International Paper Co. (IP) where he was also finance chief, is looking at a number of opportunities that will expand his career beyond being a CFO, the Redmond, Washington-based company said.
Prior to being named Microsoft CFO, Klein served as as corporate vice president and CFO of Microsoft's Business Division, overseeing the financial performance of the division which includes the Microsoft Office System, Unified Communications, Microsoft Business Solutions and other businesses.
Before joining Microsoft's Business Division in February 2006, Klein was CFO of Microsoft's Server & Tools Business Group beginning in July 2003. He joined Microsoft in 2002.
As chief financial officer, Klein will be paid an annual base salary of $500,000, Microsoft said in a regulatory filing. He has also been approved as a participant under the company's executive officer incentive plan.
According to the filing, the compensation committee of the company's board of directors will determine the amount payable as an award under the incentive plan in its discretion following the end of fiscal year 2010. After the committee approves the award, it will be paid 20% in cash and 80% in the form of a stock award that will vest in four equal annual installments.
"Chris and his finance team have accomplished a great deal over the past four and a half years. The team is deep and strong, and has an excellent record of building value for our shareholders," said Steve Ballmer, Microsoft chief executive officer.
Microsoft shares closed Tuesday's regular trading session at $29.91, down 3 cents and lost an additional 16 cents in after hours trading.
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