The president and chief executive officer of 360networks is trying to turn around the fiber-optic network company, which in June failed to make a $10.9 million interest payment and filed for Chapter 11 bankruptcy protection.

"On tough days it's tempting to think the grass was greener there," the 41-year-old said of Microsoft.

The Harvard Business School graduate and Starbucks Coffee board member cashed out most of his Microsoft stock options near the peak of the market in late 1999, giving him the cash and confidence to leave more than $64 million in options on the table. But Maffei wanted more than money.

"There was a sense that the world was changing, and some things outside Microsoft seemed like they had more of a piece of that," said Maffei, who arrived at Microsoft in 1993 as vice president of corporate development and treasurer. "Frankly, it was clear that Microsoft's growth phase was ending."

He said the reward of bringing 360 through bankruptcy--if successful--would be sweeter than remaining at Microsoft.

"360 has gone through a lot of pain for a lot of people, but it looks like we'll be emerging from bankruptcy on a standalone basis," Maffei said. "We'll have a real opportunity to start growing again. That doesn't mean I'm happy with every day of difficulty, but I'm trying to take a slightly larger view."