LOS ANGELES -- Former Microsoft CEO Steve Ballmer is stepping down from the company’s board, bringing to a close 34 years with the software giant.
Ballmer says he plans to devote more time to his ownership of the Los Angeles Clippers, civic contributions, teaching and study.
Microsoft published Ballmer’s resignation letter on its website Tuesday along with a response from current CEO Satya Nadella thanking him and wishing him well.
The 58-year-old says he plans to hold on to his Microsoft stock and will continue to offer feedback on products and strategy. With 333.3 million shares worth $15 billion, Ballmer’s 4 percent stake in the company makes him the largest individual holder of Microsoft shares. A few institutional investors hold slightly more.
"I bleed Microsoft -- have for 34 years and I always will," Ballmer wrote. "I will be proud, and I will benefit through my share ownership. I promise to support and encourage boldness by management in my role as a shareholder in any way I can."
Ballmer stepped down as chief executive in February, and since then Microsoft shares have risen about 24 percent. He says his resignation from the board is timely as the company prepares for its next shareholder meeting set for sometime this fall.