Microsoft CEO Steve Ballmer will retire within the next 12 months, depending on when a replacement is found, the company announced early Friday.
“There is never a perfect time for this type of transition, but now is the right time,” Ballmer said in a 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.”
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Microsoft said it has appointed a special committee to head up the process of finding a replacement for Ballmer. The company's stock shot up by nearly 9% in pre-market trading following the news.
The announcement comes barely one month after Ballmer led a massive reorganization of the company in an attempt to bring all divisions under one unified vision.