Mathematical Competition, an exam sponsored by the Mathematical Association of America, scoring higher than Bill Gates. He graduated magna cum laude with a Bachelor of Arts in applied mathematics and economics in 1977. Ballmer worked as an assistant product manager at Procter & Gamble for two years, where he shared an office with Jeff Immelt, who later became CEO of General Electric. After briefly trying to write screenplays in Hollywood, he started attending the Stanford Graduate School of Business for his MBA, but dropped out in 1980 to join Microsoft. History with Microsoft Ballmer joined Microsoft on June 11, 1980, and became Microsoft's 30th employee and the first business manager hired by Gates. Ballmer was offered a salary of $50,000 as well as 5-10% of the company. When Microsoft was incorporated in 1981, Ballmer owned 8% of the company. In 2003, Ballmer sold 39.3 million Microsoft shares equating to approximately $955 million, thereby reducing his ownership to 4%. The same year, he replaced Microsoft's employee stock options program. In the 20 years following his hire, Ballmer headed several Microsoft divisions, including operations, operating systems development, and sales and support. From February 1992 onwards, he was Executive Vice President, Sales, and Support. Ballmer led Microsoft's development of the .NET Framework. Ballmer was then promoted to President of Microsoft, a title that he held from July 1998 to February 2001, making him the de facto number two in the company to the chairman and CEO, Bill Gates. Chief Executive Officer (2000–2014) On January 13, 2000, Ballmer was officially named the chief executive officer. As CEO, Ballmer handled company finances and daily operations, but Gates remained chairman of the board and still retained control of the "technological vision" as chief software architect. Gates relinquished day-to-day activities when he stepped down as chief software architect in 2006, while staying on as chairman, and that gave Ballmer the autonomy needed to make major management changes at Microsoft. When Ballmer took over as CEO, the company was fighting an antitrust lawsuit brought on by the U.S. government and 20 states, plus class-action lawsuits and complaints from rival companies. While it was said that Gates would have continued fighting the suit, Ballmer made it his priority to settle these saying: "Being the object of a lawsuit, effectively, or a complaint from your government is a very awkward, uncomfortable position to be in. It just has all downside.