Microsoft Corporation (NASDAQ:MSFT) has announced that chief executive officer Steve Ballmer is retiring within the 12 months. The company has not selected a successor yet. Ballmer will work as the CEO until then.
?There is never a perfect time for this type of transition, but now is the right time,? stated Ballmer. ?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.?
The Board of Directors has a special committee in place to select a new CEO. This committee is led by John Thompson (the board’s lead independent director) and Bill Gates (Microsoft chairman of the board). It also includes Chuck Noski (Chairman of the Audit Committee) and Steve Luczo (Chairman of the Compensation Committee).
?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,? stated Gates. ?We?re fortunate to have Steve in his role until the new CEO assumes these duties.?