Microsoft’s current CEO Steve Ballmer will be retiring within the year, the company has announced. Between now and the time his successor is chosen, however, he will continue working as the CEO.
“There is never a perfect time for this type of transition, but now is the right time,” Ballmer said. “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.”
A new CEO will be chosen by a special committee created by the Board of Directors. This committee currently includes the board’s lead independent director John Thompson, Chairman of the Board Bill Gates, Chairman of the Audit Committee Chuck Noski and Chairman of the Compensation Committee Steve Luczo. Internal and External candidates will both be considered for the position.
“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,” said Gates. “We’re fortunate to have Steve in his role until the new CEO assumes these duties.”