Microsoft Announces CEO Steve Ballmer To Retire Within 12 Months (MSFT)

In an announcement out of left field Friday morning, tech giant Microsoft (NASDAQ: MSFT) announced that CEO Steve Ballmer would retire within 12 months.

In the press release, it was announced that Ballmer 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." Ballmer said.

Following the headline, shares spiked, gaining over eight percent above the $35 level.