04/02/2014 09:12 GMT | Updated 04/02/2014 10:59 GMT

Microsoft Names Satya Nadella As CEO, Bill Gates Steps Down As Chairman

Microsoft has named Satya Nadella as its next CEO.

After a five-month search to replace previous CEO Steve Ballmer, Nadella will take over as only the third person to run the company.

Meanwhile Bill Gates will step down as the chairman of the company he founded -- though he will serve as a "technology advisor" for consumer products, and spend more of his time - a third - at the company.

Ballmer will remain on the board, despite his official retirement.

satya nadella

(Not sure who Satya Nadella is? You're not alone. Luckily Engadget has a good write up about the new CEO.)

Statement from Bill Gates:

"During this time of transformation, there is no better person to lead Microsoft than Satya Nadella," said Gates.

"Satya is a proven leader with hard-core engineering skills, business vision and the ability to bring people together. 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."

Statement from Satya Nadella:

"Microsoft is one of those rare companies to have truly revolutionised the world through technology, and I couldn’t be more honoured to have been chosen to lead the company," Nadella said in a statement.

"The opportunity ahead for Microsoft is vast, but to seize it, we must focus clearly, move faster and continue to transform. A big part of my job is to accelerate our ability to bring innovative products to our customers more quickly."

Nadella was previously executive vice president of Microsoft's cloud and enterprise business, and has worked at Microsoft since 1992.

Prior to joining Microsoft he worked at Sun Microsystems, he studied at the University of Chicago Booth School of Business.and University of Wisconsin-Milwaukee. Nadella was born in Hyderabad, India.

More to follow.