Microsoft CEO Steve Ballmer Retiring Within 12 Months

Microsoft Corp. has announced today that their CEO, Steve Ballmer, will be retiring within the next year.  He will continue overseeing the day to day operations of the company until a suitable successor has been selected.

“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.”

The Board of Directors has appointed a special committee led by John Thompson to oversee the selection process.  The committee will also include Chairman of the Board, Bill Gates; Chairman of Audit Committee, Chuck Noski and Chairman of the Compensation Committee, Steve Luczo.  The committee is working with Heidrick & Struggles International Inc. who are a leading executive recruitment firm and will consider both internal and external candidates for the position.

“The board is committed to the effective transformation of Microsoft to a successful devices and services company,” Thompson said. “As this work continues, we are focused on selecting a new CEO to work with the company’s senior leadership team to chart the company’s course and execute on it in a highly competitive industry.”

“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.”

The announcement of Ballmer’s retirement comes on the eve of the launch of the embattled successor to the Xbox 360, the Xbox One.