Microsoft CEO announces retirement

Microsoft's CEO Steve Ballmer announced his retirement today, saying eh would step doen within 12 months, once a successor is found.

Microsoft's CEO Steve Ballmer announced his retirement today, saying he would step down within 12 months, once a successor is found.

“There is never a perfect time for this type of transition, but now is the right time,” Ballmer said in a company-issued statement.

“We have embarked on a new strategy with a new organization and we have an amazing Senior Leadership Team. My original thoughts on timing would have had my retirement happen in the middle of our company’s transformation to a devices and services company. We need a CEO who will be here longer term for this new direction.”

Microsoft shares rose 9.02% pre-open in the minutes after the announcement.

Microsoft's board of directors has built a committee to choose Ballmer's successor, made up of several high-ranking Microsoft executives, including Bill Gates.

“As a member of the succession planning committee, I’ll work closely with the other members of the board to identify a great new CEO,” Gates said.

“We’re fortunate to have Steve in his role until the new CEO assumes these duties.”

57-year-old Ballmer joined Microsoft in 1980 as one of its first employees, rising to CEO in early 2000.