Microsoft CEO Steve Ballmer is going to retire within the next 12 months, the company announced early Friday. This will happen when a replacement is found.
Ballmer said: "There is never a perfect time for this type of transition, but now is the right time. 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 also announced 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.
This news about Ballmer retirement come barely one month after Ballmer led a massive reorganization of the company in an attempt to bring all divisions under one unified vision.