Steve Ballmer Quits Microsoft Board - Update

(RTTNews) - Steve Ballmer, the former chief executive of Microsoft Corp (MSFT), has resigned from its board, ending a decades-old relationship with the software giant. The decision was announced on Microsoft's website.

Ballmer, in a letter to CEO Satya Nadella, said he is stepping down from the board to mainly focus on the Los Angeles Clippers basketball team, which he recently acquired for $2 billion.

In the letter, Ballmer said: "I think it would be impractical for me to continue to serve on the board, and it is best for me to move off...I see a combination of the Clippers, civic contribution, teaching and study taking a lot of time."

Ballmer's exit from the board, which was expected, ends a 33-year relationship with Microsoft, which he led as CEO from 2000 to February 2014.

Under Ballmer, Microsoft was able to boost revenue, but lagged behind Apple Inc and Google Inc in products such as mobile phones and tablet computers, and its Internet search business wasn't that impressive. Under Nadella, Microsoft looks to makeup for the sluggishness in the gadget space.

Ballmer is largest individual shareholder in Microsoft with a 4.05 percent stake, valued more than $15 billion, according to FactSet Research.

Microsoft stock is trading at $45.13, up $0.02 or 0.05%, on a volume of 19 million shares on the Nasdaq.