Microsoft CEO Steve Ballmer, the man responsible for the company's shift towards a devices and services company, has announced he will be retiring within the next 12 months. A search is currently underway for his replacement.
"I am writing to let you know that I will retire as CEO of Microsoft within the next 12 months, after a successor is chosen. There is never a perfect time for this type of transition, but now is the right time. My original thoughts on timing would have had my retirement happen in the middle of our transformation to a devices and services company focused on empowering customers in the activities they value most. We need a CEO who will be here longer term for this new direction," Ballmer stated in an email to Microsoft employees.
Ballmer states that this is a time of important transformation for the company. Now that Ballmer has announced his retirement, the Board of Directors have appointed a special committee to direct the process of selecting a new CEO.
"This committee is chaired by John Thompson, the board’s lead independent director, and includes Chairman of the Board Bill Gates, Chairman of the Audit Committee Chuck Noski and Chairman of the Compensation Committee Steve Luczo. The special committee is working with Heidrick & Struggles International Inc., a leading executive recruiting firm, and will consider both external and internal candidates," Microsoft stated.
Chairman and company co-founder Bill Gates plans to work closely with the other board members to select a new CEO, stating that the company is fortunate to have Ballmer as CEO until a new CEO takes over.
Of course, retirement comes with some monetary benefits. According to SPCapitalIQ, Ballmer currently owns 333 million shares of Microsoft stock and will net a whopping $840 million from retiring.
Head over to the source link for Ballmer's internal email to Microsoft employees.