In the summer of 2000, Microsoft shares touched $40. They didn’t return to that level again until 2014—the year that Satya Nadella succeeded Steve Ballmer as the software giant’s CEO. At the time, there was widespread speculation that the company would go outside of Redmond, Wash., to find a new leader— Ford Motor’s then-CEO, Alan Mulally, was considered a possible choice. Nadella had been running Azure, the company’s cloud business, and wasn’t well known outside Microsoft. But he turned out to be the perfect choice.
Nadella, 52, has pushed Microsoft (ticker: MSFT) to go all-in on the cloud, and it continues to see strong growth for Azure, Office 365, Teams, and other cloud-based software. The Covid-19 pandemic has driven up demand for such cloud services, and the trend is likely to be sustained.
“We’ve seen two years’ worth of digital transformation in two months,” Nadella said in announcing March-quarter earnings. “Our durable business model, diversified portfolio, and differentiated technology stack position us well for what’s ahead.”
The bottom line: Microsoft shares have appreciated more than fivefold since Nadella took the top job.
Satya Nadella
Data as of 6/19/20
Sources: Bloomberg; FactSet
Write to Eric J. Savitz at eric.savitz@barrons.com
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Satya Nadella Has Been Preparing Microsoft a Moment Like This for Years - Barron's
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