Microsoft Corporation announced the appointment of a new CFO as its previous money man, Greg Maffei, leaves to become chief executive officer of Worldwide Fiber, a maker of fiber optic networking equipment. Maffei has been trying to leave Microsoft for some time; less than a month ago, the company refused to let him leave his post. Microsoft replaced Maffei from inside, raising vice president John Connors to the CFO spot. Maffei will continue his role as CFO until the beginning of January to ensure a smooth transition.
"Greg's contributions have been outstanding across the spectrum of numerous deal negotiations, in achieving excellence in the treasury management area, and in guiding an outstanding internal and external management reporting team. His strong financial management abilities have helped Microsoft's finance organization to be recognized as world-class. We wish him the best in his next endeavors," said Microsoft COO Bob Herbold. "We're pleased and excited to have someone of John Connors' considerable financial, technical and customer skills returning to lead Microsoft's financial organization. His range of finance and leadership experience and company knowledge makes him the ideal person to continue the great work of our finance organization."
Maffei has received numerous job offers over the past year, so his departure is not surprising. He gained notoriety over the years for constantly understating Microsoft's future earnings potential only to see the company set profit records again and again. Maffei was uncharacteristically upbeat about Microsoft's earnings for 2000, however, due to the release of Windows 2000