Microsoft has today announced that its CEO Steve Ballmer is retiring his position within the next 12 months. He will stay on with the tech firm until his replacement is hired.

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“There is never a perfect time for this type of transition, but now is the right time,” Ballmer is quoted as saying. “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.”Ballmer has been with Microsoft since 1980, and was the first business manager hired by Bill Gates in the company's fledgling years. He was named CEO in 2000 and helped to usher in the Xbox era when the company entered the games console business in 2001.Recently, Ballmer has been overseeing the Xbox business at Microsoft, following former head Don Mattrick's departure to join Zynga in July.

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