REDMOND, Wash., July 10, 1997 — Microsoft Corp. announced today that Gregory B. Maffei will be named chief financial officer (CFO) at the company’s annual financial analyst meeting on July 24, replacing Michael W. Brown, who will retire at the end of this calendar year.
During the remainder of 1997, Brown, 51, will work on several Microsoft projects, as well as some industry financial reporting issues, including championing conservatism and
“back to basics”
accounting. Brown will also devote time to the NASDAQ Stock Market where Microsoft went public in 1986 and where he currently serves as chairman of the board.
Maffei, 37, has served as vice president for corporate development since 1996 and as treasurer since 1994. As CFO, Maffei will be responsible for Microsoft’s worldwide finance organization, including corporate development, analysis, planning, accounting, reporting, treasury, tax, investor relations and corporate audit.
“Mike helped lead the company through many important financial achievements – our initial public offering, the development of global financial systems and our growth to $10 billion of revenue,”
said Bill Gates, chairman and chief executive officer.
“Mike has been a leader for the industry and broader financial community in the thinking and development of policy in areas such as revenue recognition and accounting for intellectual property and intangibles.”
“Greg has been an enormous contributor to our financial, investment and general business strategies,”
said Bob Herbold, chief operating officer.
“We are confident that as CFO he will help continue our financial excellence and tradition of conservatism.”
Brown joined Microsoft in 1989 as treasurer. He was promoted to vice president for finance and chief financial officer in 1993. Prior to joining Microsoft, Brown was a partner at the public accounting firm of Deloitte & Touche, where he was involved in the Microsoft engagement since 1979. He is chairman of the board of directors of the NASDAQ Stock Market and a director of Wang Laboratories and Kurzweil Educational Systems. He is also a member of the Conference Board, Officers Conference Group, Financial Executives Institute, Financial Executives Research Foundation Trustees, Center for Strategic and International Studies, and University of Washington School of Business Administration Advisory Board.
Since 1996, Maffei has been responsible for Microsoft’s corporate development, planning, accounting, reporting, and treasury departments. He has overseen the company’s cash and strategic investment portfolio and led the Comcast, WebTV and Vermeer transactions. Maffei joined Microsoft in 1993 as director of business development and investments. He earned an MBA from Harvard Business School, where he was a Baker Scholar, and an AB degree from Dartmouth College. Maffei serves as a director of Citrix Systems, Comcast (observer), CORT Business Services, and Mtel.
Founded in 1975, Microsoft (NASDAQ
“MSFT”
) is the worldwide leader in software for personal computers. The company offers a wide range of products and services for business and personal use, each designed with the mission of making it easier and more enjoyable for people to take advantage of the full power of personal computing every day.
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Heidi Rothauser, Waggener Edstrom, (425) 637-9097
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Carla Lewis, (425) 936-3703
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