Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Microsoft CEO Steve Ballmer To Retire

|Includes:Microsoft Corporation (MSFT)

Originally published at www.seclive.com

Filing in Focus: Microsoft 8-K, August 23, 2013

Microsoft (NASDAQ:MSFT) Chief Executive Officer Steve Ballmer has announced that he will retire within the next year and will continue to serve as CEO until a new, permanent CEO is identified. Ballmer has been with Microsoft for over 30 years and has served as CEO ever since Bill Gates stepped aside in 2000. Bill Gates, who is chairman of the board, is part of the committee charged with finding a suitable replacement for Ballmer. Microsoft has grown much over the last 13 years however Ballmer remarked that he originally intended to retire at a time he now feels would not be in the best interests of the company. Ballmer acknowledged that Microsoft needs someone who will be with the company as it transforms into a devices and service company. In a seemingly apparent nod of approval regarding the retirement announcement, the company's stock price jumped 7% on Friday.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Stocks: MSFT