When Bill Gates stepped down as CEO of Microsoft back in 2000, long time Microsoft employee Steve Ballmer replaced him, and held on to the position of CEO for more than a decade. Now, Ballmer is getting ready to ride off into the sunset, as he has just announced plans to retire from the post in the next 12 months.
So, the hunt for a new Microsoft CEO is on, and Gates—still the largest share holder of the company—will be on the special committee to choose a replacement. “There is never a perfect time for this type of transition, but now is the right time,” Ballmer said in a release.
Ballmer, sadly, is probably going to be remembered for not being quick enough to battle Apple and adapt to the rise of smartphone devices—even though Microsoft still destroys the PC market over its competitors. Ballmer may not have been the greatest CEO, but he certainly wasn't a disaster—but that's not something everyone agrees on. Shares for Microsoft jumped up right after Ballmer made the announcement—meaning people have more faith in Microsoft's success now that Ballmer is leaving. Since Ballmer owns 333.252 million shares, the announcement of his own retirement made him $900 million.
That will probably help the sting, just a little bit.
Here's the email Ballmer sent to employees:
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. You can read the press release on Microsoft News Center.
[via The Verge]
