Microsoft Announces CEO Steve Balmer to Retire Within 12 Months

In an announcement out of left field this morning, tech giant Microsoft

announced that CEO Steve Balmer would retire within 12 months. In the press release, it was announced that Balmer would remain CEO until a successor was named. "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." Balmer said. Following the headline, shares spiked, ganining over 8 percent above the $35 level.