Steve Ballmer to retire from Microsoft
August 24 , 2013
Microsoft announced that CEO Steve Ballmer will retire in 12 months. The investors reacted to this news by buying like crazy and sending the stock up by about 9 percent.
The company hasn't revealed as to who might succeed the executive but said a special committee was appointed to look for someone.
Ballmer said there is no perfect time to retire but "now is the right time."
He said his original plans to retire would have been implemented in the middle of the company transformation and that a CEO who can stay in the company for a longer term for the new direction is required.
With the stocks of the company shooting up following this news, Ballmer's net work increased by around $769M.