New York – Influential hedge fund manager David Einhorn calls for Microsoft Corp CEO Steve Ballmer to step down, saying the software company’s long-time chief is stuck in the past and if he goes the stock price would go up. “His continued presence is the biggest overhang on Microsoft’s stock,” Einhorn said in reference to Ballmer, according to Reuters.
Speaking at the annual Ira Sohn Investment Research Conference in New York on Wednesday, Einhorn’s Greenlight Capital hedge fund has been a recent buyer of Microsoft stock, which at under 10 times expected earnings is regarded by many as undervalued. Microsoft is no longer seen as a dominating force in technology after a failure to capitalize on new Internet and mobile computing markets.
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