Showing posts with label Steve Ballmer. Show all posts
Showing posts with label Steve Ballmer. Show all posts

Judge gives go-ahead for $2 billion sale of NBA's Clippers

#GNN - The estranged wife of Los Angeles Clippers co-owner Donald Sterling can proceed with the record $2 billion sale of the NBA team despite her husband's objections, a judge ruled on Monday, in a likely coda to a case of lingering racism in American sports.
Los Angeles Superior Court Judge Michael Levanas said the deal struck by Shelly Sterling with former Microsoft Corp (MSFT.O) Chief Executive Officer Steve Ballmer was permissible and could be consummated even if Sterling, who has been banned for life from the National Basketball Association for racist remarks, chose to appeal.

"She had every good reason to believe that Donald agreed to the sale of the team," said Levanas, who added that he found Donald Sterling's combative testimony at the emotionally charged nine-day trial "often evasive and inconsistent."

The ruling was a major victory for an embarrassed NBA and Shelly Sterling, who had asked the probate judge to confirm her as the trustee of the family trust that owns the Clippers. She acted in May to have her 80-year-old real estate billionaire husband removed when neurologists deemed him to have early Alzheimer's disease and unable to handle business affairs.

Shelly Sterling, 79, cried after the ruling and told reporters outside the courtroom: "Either way we'd win. I am just doing what I had to do."

Donald Sterling's attorneys said they would file an appeal of the decision.

"He doesn't see this as the final battleground," said Sterling's attorney, Bobby Samini. "This is one stage of a long war."

In an unprecedented move, NBA Commissioner Adam Silver banned Sterling and fined him $2.5 million three months ago after his taped private comments imploring a girlfriend not to associate with black people, including NBA Hall of Fame player Magic Johnson, were published.

The majority of NBA players are black, and Clippers interim CEO Richard Parsons testified that team sponsors were ready to leave, head coach Doc Rivers could quit and players would refuse to play if Sterling was able to keep the franchise he has owned for 33 years.

Under Sterling, the Clippers for decades languished as a league doormat and afterthought to the marquee Los Angeles Lakers, but in recent years they have added enough talent to compete in the NBA playoffs.

Sterling had vowed to block the sale he initially blessed because he said his wife improperly removed him as a trustee of the family trust that owns the Clippers.

Shelly Sterling also said she believed her husband's ban from the NBA would be lifted. During the trial, Sterling had treated her with both love and contempt, calling her a pig and liar at one stage.

'BRINGING DIGNITY BACK'
The NBA, looking to close a chapter that brought shame to the basketball league and outraged fans, said it was "pleased" with the court's decision.

"We look forward to the transaction closing as soon as possible," NBA spokesman Mike Bass said in a statement.

The tentative ruling will take formal effect when Levanas issues it in writing in coming weeks after he considers objections.

Ballmer, known for his enthusiasm for pick-up basketball while at Microsoft, is ready to get to work, his attorney, Adam Streisand, said.

"He is very excited ... about bringing dignity back to the Clippers," Streisand said.

Legal experts said the ruling was so strongly in favor of Shelly Sterling that any challenge from Donald Sterling was unlikely to derail the sale.

"He can appeal as much as he likes, but the Clippers are going to be sold to Ballmer," said Ed McCaffery, a professor of law at University of Southern California.

Sterling has also sued the NBA, the league commissioner and his wife in state and federal courts, contending the team was illegally taken from him.

"We expect that we'll continue to get grenades from all directions," Streisand said.

(GNN,Reuters,AIP)(Additional reporting by Tim Reid; Writing by Mary Milliken; Editing by Grant McCool and Mohammad Zargham)

Microsoft CEO Ballmer to retire within 12 months

Image representing Microsoft as depicted in Cr...

Microsoft
SAN FRANCISCO: Microsoft chief executive Steve Ballmer announced Friday he would retire within 12 months, opening a new chapter for a company struggling to keep pace with the fast-changing tech sector.

Microsoft shares leapt as much as nine percent in pre-market trade and closed up 7.3 percent at $34.76, after the surprise announcement sparked a rally in the stock.

"There is never a perfect time for this type of transition, but now is the right time," Ballmer said in a statement.

"My original thoughts on timing would have had my retirement happen in the middle of our company's transformation to a devices and services company. We need a CEO who will be here longer term for this new direction."

Ballmer took over as CEO in 2000 from co-founder Bill Gates, a classmate and friend from their days at Harvard University in the 1970s.

When Ballmer took over, Microsoft was the undisputed tech sector leader, and the world's largest company in market value. But in recent years it has struggled as consumers began to move from desktop and laptop PCs to mobile devices.

While its Windows software is used on the vast majority of personal computers, Microsoft has had little impact in the fast-growing segments of tablets and smartphones.

"Microsoft has clearly been on the wrong track for a long time," said Roger Kay, analyst at Endpoint Technologies Associates. "Essentially Microsoft missed the shift to high mobility entirely."

But Jack Gold, analyst with J. Gold Associates, argued that "Ballmer did a lot for Microsoft while he was there, and his accomplishments should not be diminished by the troubles Microsoft has had the past couple of years."

Still, Gold said that "it really is time for Microsoft to chart a new course and correct some of the issues and challenges plaguing it, and Ballmer was not the right individual to do that."

Microsoft shares, which topped $58 in 1999 adjusted for stock splits during the dot-com boom, have been little changed in the past decade.

Deutsche Bank analyst Nandan Amladi said the news was "a bit of a surprise, coming only about six weeks after the reorganization" announced by Ballmer to focus the company on devices and services.

"We would have expected Ballmer to execute on this strategy for a few years given that it was his brainchild," Amladi said in a note to clients, adding that he was "cautious due to the fundamental headwinds impacting the business."

Citi analyst Walter Pritchard said the resignation was positive for Microsoft.

"Some investors have fantasized about this event and we've often heard 'the stock would be up 10 percent if Ballmer retires,'" Pritchard said in a note to clients, adding that the news "likely puts everything on the table" for Microsoft.

Ballmer, 57, will continue in the interim as CEO "and will lead Microsoft through the next steps of its transformation to a devices and services company," said a statement from the Redmond, Washington, company.

The board of directors has appointed a special committee to direct the process chaired by independent director John Thompson and including Gates, Chuck Noski and Steve Luczo.

Microsoft said it is working with Heidrick & Struggles International, an executive recruiting firm, and will consider both external and internal candidates.

"As a member of the succession planning committee, I'll work closely with the other members of the board to identify a great new CEO," said Gates.

Some Microsoft watchers mentioned names of current or former executives as potential successors, but Citi's Pritchard said: "We expect the company to focus exclusively on outside candidates, meaning that it is very difficult to predict who could be CEO and what direction they will take the company."

Ballmer meanwhile told the tech website ZDNet on Friday that he had started looking at a transition "three or four years ago."

"I agreed to a project with the board where I would meet a bunch of people outside Microsoft who we should have on our radar screen.who might become CEO, and I've reported back to the board on those interactions," Ballmer said.

Nigel Nicholson at the London Business School said he expects a fresh direction.

"Ballmer is supposedly involved in the hunt for a successor, but you can bet that a replicate won't be picked," he said.

"The rise in the share price proves that everyone is expecting some strategic redirection. If Microsoft really wants radical change they'll bring in an outsider." (AFP) (GNN)