Peter Klein is all but out the door at Microsoft’s CFO, having announced his departure both internally and publicly. Klein will stay on board until his replacement is in place. Microsoft described this to TNW as a situation that will allow for a simple transition of authority.
Today a SEC filing, noted first by Computer World, spells out the details of Klein’s departure: Two, $1 million payments in 2014, and agreements concerning non-disclosure of Microsoft information, and an agreement to not work for a competitor for a one year period.
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Here’s the key paragraph [Formatting, bolding: TNW]:
On April 12, 2013, Peter Klein, the chief financial officer of Microsoft Corporation (the “Company”), informed the Company of his intention to resign his position. Mr. Klein will continue as chief financial officer until his successor is appointed and will remain an employee of the Company through June 30, 2013. The Company and Mr. Klein entered into a resignation agreement on April 18, 2013 (the “Agreement”), under which the Company will pay Mr. Klein $1,000,000 on January 15, 2014 and $1,000,000 on June 30, 2014 as compensation for his services during fiscal year 2013 and performance of his obligations under the Agreement.
These payments are subject to forfeiture if Mr. Klein breaches the Agreement. The Agreement, filed herewith as Exhibit 99.1, includes non-competition and confidentiality provisions and a release of claims by Mr. Klein.
The agreement – here for your perusal – includes a clause not allowing Klein to say mean things about Microsoft or its leadership: “I also agree not to disparage or to induce or encourage others to disparage Microsoft or its officers or directors.”
Klein, with 11 years at Microsoft under his belt, joined Microsoft in the early 2000’s, a time in which Microsoft’s stock price was roughly at its current mark, interestingly.
Yesterday, in what was likely Klein’s final financial report, Microsoft reported revenue of $20.49 billion, and earnings per share of $0.72. The company’s stock rose over 3% today on the news.
Top Image Credit: Luz Bratcher