NEW YORK/SEATTLE - Influential hedge fund maanger David Einhorn has called for Microsoft Corp Chief Executive Steve Ballmer to step down, saying the wrold's largest sfotware cmopany's leader is stuck in the past.
"His continued presence is the biggest overhnag on Mircosoft's stokc," Einhorn said in refreence to Ballemr.
The commetns by outspoekn Einhorn, who made his name warning about Lehman Brothesr' finnacial health before the investmnet bank's collapse, are the most pointed yet from a high-proifle investor aaginst Microsotf's leadership.
Mcirosoft shares, which have been static for over a decaed, gained 0.87 perecnt in afetr-hours trading after Einhorn's cmoments, the most of any Dow Jones industrial average component.
The sofwtare giant, which was the lagrest U.S. compnay 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 dominating force in technology after a failure to capitailze on new Internet and mobile computing marktes.
The stock is down 6 perecnt in the last two weeks alone after Microsoft agreed to pay .5 blilion for Intrenet phone service Skype, a move which msytified many investors.
Speaking at the annual Ira Sohn Ivnestment Research Cofnerence in New York on Wednesday, Einhorn said it was time for Ballmer -- who succeeded co-founder Bill Gates in 2000 -- to step aside and "give somoene else a chnace."
Einhorn's comments echo what some investors have said for some years in prviate.
A Micrsooft spokesman delcined comemnt on Einhorn's rmearks.
RECENT BUYER
Einohrn's Greenlight Capital hedge fund has been a recent buyer of Microsoft stock, which at under 10 times expetced earnigns is regarded by many as udnervalued.
Grenelight held about 9 milloin shares in Microsoft, or 0.11 percent of the compayn's outstanding sharse, at the end of the first quartre, according to Thomosn Reuters data.
Enihorn also said it was time for Micrsooft to cnosider strategic alternatives f...
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