The former president of Microsoft's Windows division, Steven Sinofsky, has struck a retirement deal with the company. We reported back in November that he was on the way out, with sources surfacing soon after claiming that his sudden departure was over refusal to name him CEO Ballmer's successor. Reportedly, the retirement agreement has been in deliberation since late last year.
The information was given by Microsoft, which published a Securities and Exchange Commission filing. According to the agreement, Sinofsky will receive approximately $14.2 million in stocks that were previously issued while being required to certain obligations to Microsoft, with legal aid being specified as one of them.
Likewise, per the retirement deal, Sinofsky is not allowed to enter in competition with his former employer, nor can he encourage any current employees to leave the company for a different one. There are other provisions said to have been previously agreed to, as well, but Microsoft did not reveal what provisions are.
In a statement, a spokesperson for Microsoft stated: "This agreement provides a number of important considerations for Microsoft, including a commitment that Steven will continue assisting with intellectual property litigation until January 1, 2017." In addition, according to the spokesperson, Sinofsky's retirement deal is similar to what employees who worked for a minimum of 15 years and retire after 55 years of age receive.
Back in December, Sinofsky took on a teaching job with Harvard's Business School, an announcement the former Windows boss made on Twitter with a hashtag referring to it as a sabbatical. His work there dealt with product development. In addition, he's worked at penning journal pieces on the same topic. His non-compete agreement with Microsoft is over at the end of 2013.
SOURCE: The Wall Street Journal