Microsoft names first woman CFO

As CFO, Amy Hood will be key to managing Microsoft's $74.5 bn in cash and investments

Microsoft Corp named Amy Hood its first female chief financial officer, putting a 10-year veteran in charge of debt, finances and a growing cash pile at a software maker beset by plunging demand for personal computers. Hood, 41, becomes CFO effective immediately, succeeding Peter Klein, Redmond, Washington-based Microsoft said in a statement yesterday. The search had focused on Hood, finance chief of the business division, and Tami Reller, her counterpart at the Windows unit, according to people with knowledge of the matter.

As CFO of the Microsoft Business Division, Hood played a central role in takeovers of companies including Skype Technologies SA, and she handles finances for the company's biggest unit by sales and operating profit. As CFO, she'll be key to managing Microsoft's $74.5 billion in cash and investments while helping Chief Executive Officer Steve Ballmer cope with struggles to gain share in smartphones and tablets.

"Amy always impressed me with her incredibly sharp analytical mind combined with a nuanced understanding of business strategy, and a willingness to take calculated risks," said Nokia Oyj CEO Stephen Elop, who was Hood's boss when he was at Microsoft.