A statement today from Microsoft Corporation (NASDAQ:MSFT) announced that Mason Morfit, CFA and president of ValueAct Capital, has been appointed to the board of directors and the audit committee. Mr. Morfit’s background in the boardroom is primarily related to medical devices and biotechnology.
Microsoft and ValueAct Capital announced a cooperation agreement giving ValueAct Capital an option to have Morfit join the Microsoft Corporation (NASDAQ:MSFT) BoD after the 2013 annual shareholders meeting.
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Statements from Mason Morfit and Microsoft
“We’ve had the opportunity to work with Mason over the past six months, and we look forward to working with him more closely as a member of the board,” enthused John Thompson, chairman of the Microsoft BoD. “Mason brings valuable insights given his financial background, his extensive experience as a public company director and his perspective as a significant Microsoft shareholder.”
“Microsoft is an iconic global company with tremendous long-term potential,” Morfit commented in the statement. “I am honored to be joining the board, and I look forward to working with Satya Nadella, Chairman John Thompson and the rest of the board of directors to help continue to drive growth and value for all shareholders.”
Mason Morfit currently serves as the president of ValueAct Capital, an investment firm that manages over $14 billion in assets.
Mason Morfit worked in equity research for Credit Suisse First Boston earlier in his career. He also serves as a director of Valeant Pharmaceuticals International Inc. and is a former director of Advanced Medical Optics Inc., C. R. Bard Inc., Immucor Inc., MSD Performance Inc. and Solexa Inc. Morfit was awarded a B.A. from Princeton University and is a CFA charterholder.
With the new addition, the BoD of Microsoft Corporation (NASDAQ:MSFT) now includes 11 members: Steven A. Ballmer, former Microsoft chief executive officer; Dina Dublon, former chief financial officer of JPMorgan Chase & Co. (NYSE:JPM); William H. Gates, Microsoft founder and technology advisor; Maria M. Klawe, president of Harvey Mudd College; Stephen J. Luczo, chairman, president and chief executive officer of Seagate Technology PLC (NASDAQ:STX); David F. Marquardt, general partner at August Capital; Mason Morfit, president of ValueAct Capital; Satya Nadella, Microsoft chief executive officer; Charles H. Noski, former vice chairman of Bank of America Corp (NYSE:BAC).; Dr. Helmut Panke, former chairman of the board at Bayerische Motoren Werke AG (ETR:BMW) (FRA:BMW); and John W. Thompson, CEO of Virtual Instruments.
Microsoft Corporation (NASDAQ:MSFT) governance guidelines mandate a substantial majority of the board be independent directors, and with Mason Morfit joining, the BoD now has eight independent members.