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Microsoft Names New CFO To Replace Peter Klein

• By Gladys Rama
• May 08, 2013

Amy Hood, most recently the chief financial officer of Microsoft's Business Division, will become the company's overall CFO, effective immediately.

Hood is replacing Peter Klein, an 11-year Microsoft veteran. Microsoft announced Klein's departure last month, during its third-quarter earnings call. Klein will remain at the company through June to help with the transition process, Microsoft said in its announcement Wednesday.

Hood's appointment puts to rest recent speculation that the CFO race would come down between Hood and Tami Reller, the current CFO of Microsoft's Windows Division. Hood will be Microsoft's first female CFO.

Hood served as CFO of Microsoft's $24 billion Business Division since 2010. The group comprises several major Microsoft products, including Office, Office 365, Dynamics, Exchange and SharePoint. As CFO of that division, Hood oversaw the launch of Office 365, as well as two of Microsoft's most significant acquisitions -- Skype, valued at $8.5 billion, and Yammer, valued at $1.2 billion. Hood joined Microsoft in 2002.

"Amy brings the right talents and experiences to the role as we continue to strengthen our focus on devices and services," said Microsoft CEO Steve Ballmer, echoing his assertion from last year that Microsoft was transitioning from being a purely software-focused company. "She has been an instrumental leader in the Microsoft Business Division (MBD), helping lead the transition to services with Office 365 and delivering strong financial and operational management throughout her time on the business."