New CEOs at Microsoft, Wal-Mart

Friday, Jan. 14, 2000 | 11:29 a.m.

Investors sent Microsoft Corp.'s stock higher in early trading today, apparently comfortable with Bill Gates' decision to relinquish his chief executive job to company president Steve Ballmer.

Microsoft said Gates will remain chairman and take on the role of "chief software architect," devoting his time to plotting out new software products and services.

Several big brokerage firms said in reports to investors today that they were pleased by the move, in part because it assured continuity in the company's leadership and placed both executives in positions that would help Microsoft grow further.

Separately, Wal-Mart Stores Inc. president and chief executive David Glass, who is credited with building the company into the world's biggest retailer, stepped down today in a move that was widely expected.

Glass, 64, succeeded Wal-Mart founder Sam Walton as Wal-Mart CEO 12 years ago.

Lee Scott, who is chief operating officer and vice chairman of Wal-Mart for the past year, will succeed Glass as CEO and president.

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