Microsoft Corp.'s new chief executive has signaled a new era for the company with a heavy finger on the delete key, erasing 18,000 jobs — 14% of the workforce.
Six months into the job, CEO Satya Nadella is targeting a red-tape culture that has rested on former glory. He seeks to restore a feisty spirit, capable of recapturing consumers lost to surging competitors.
"This is the most fundamental restructuring ever for Microsoft," said Merv Adrian, a market research analyst with Gartner Inc. "This time, it's less about playing catch-up and more about looking forward."
Investors embraced the move — pushing Microsoft stock up 45 cents, or 1.02%, to...