Microsoft names Satya Nadella as new CEO

REDMOND - Microsoft Corp. today announced that Satya Nadella has been appointed as its new Chief Executive Officer.

Nadella previously held the position of Executive Vice President of Microsoft's Cloud and Enterprise group.

"During this time of transformation, there is no better person to lead Microsoft than Satya Nadella," said Bill Gates, Microsoft's Founder and Member of the Board of Director. "His vision for how technology will be used and experienced around the world is exactly what Microsoft needs as the company enters its next chapter of expanded product innovation and growth."

Nadella joined the company in 1992, and spearheaded the company's move to the cloud and the development of one of the largest cloud infrastructures in the world supporting Bing, Xbox, Office and other services.

"Microsoft is one of those rare companies to have truly revolutionized the world through technology, and I couldn't be more honored to have been chosen to lead the company," Nadella said.

Nadella succeeds Steve Ballmer as CEO.  Ballmer announced in August that he would retire once a successor was named. He will remain a member of the board.

Microsoft also announced today that Bill Gates would step down as chairman of the company and would take up a new role as technology adviser. Gates will remain as a board member.

"Satya is clearly the best person to lead Microsoft, and he has the unanimous support of our Board," Thompson said.

Microsoft's lead independent director John Thompson will take over as the company's chairman.

The tech giant planned to introduce Nadella in a live webcast on their website at noon Tuesday.