Microsoft announces Steve Ballmer's upcoming retirement, company stock rises

Early this morning, Microsoft announced that its CEO, Steve Ballmer, will be retiring "within the next 12 months". Following the news, the Redmond, Wash.-based corporation's stock began trading 7.29% higher and reached a pinnacle for the month of August 2013.

The notorious — known for his outlandish on-stage appearances (see "developers, developers, developers") — Ballmer has been with Microsoft for over 30 years. He was originally hired as the 30th employee and first business manager of the small company in June 1980, but was promoted to CEO in 2000. "Under his leadership, Microsoft has more than tripled revenue and doubled profits since 2000", according to the company.

In a press release from the company, Ballmer voiced his thoughts on the future of Microsoft. "There is never a perfect time for this type of transition, but now is the right time," he said. "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." The company says that Ballmer will retire once a replacement has been found. In the meantime, he will prepare for departure and "lead Microsoft through the next steps of its transformation".

Investors, surprisingly, are relieved to see Ballmer leave Microsoft. The company's stock closed 7.29% higher than yesterday at $35.22 with a market cap of $289 billion. While the CEO did lead the company in some good directions, he was at the helm when Vista took away Windows' promise and when Windows 8 and the Surface took the company in an entirely new direction. However, the company had an annual profit growth of 16 percent with Ballmer at the helm, and he clearly didn't bring it under water any more than it was before. His time at Microsoft will have its place in tech history; hopefully his departure is for the best.

Sources: Microsoft News Center | Steve Ballmer biography