Microsoft Corp. has named a new chief executive officer (CEO) and member of its Board of Directors effective Feb. 4.

Satya Nadella will succeed Steve Ballmer. Nadella joined Microsoft 22 years ago, and previously held the position of Executive Vice President of Microsoft's Cloud and Enterprise group.

"During this time of transformation, there is no better person to lead Microsoft than Satya Nadella," said Microsoft Founder and Board of Directors member Bill 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."

Nadella joined Microsoft in 1992 and has been credited for major "strategy and technical shifts" for the company's products and services.

"Microsoft is one of those rare companies to have truly revolutionized the world through technology, and I couldn't be more honored to have been chosen to lead the company," said Nadella. "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's appointment brings a close to the CEO search that began last summer. On Aug. 23, 2013, Steve Ballmer announced his retirement as Microsoft's CEO.

"I've had the distinct privilege of working with the most talented employees and senior leadership team in the industry, and I know their passion and hunger for greatness will only grow stronger under Satya's leadership," Ballmer stated.

Ballmer will remain on Microsoft's Board of Directors. He was the second CEO for Microsoft, ever, succeeding Bill Gates.

With Nadella's appointment, Gates has stepped down as Chairman of Microsoft's Board of Directors. Gates will start a new role as Founder and Technology Advisor. With the new role, Gates will reportedly "devote more time" to Microsoft as well as support Nadella's direction for the company. Succeeding Gates as Chairman is John Thompson, who will maintain his position as lead independent director for the Board of Directors.

"The Board took the thoughtful approach that our shareholders, customers, partners and employees expected and deserved," noted Thompson, adding Nadella has "unanimous" support from the Board.

Nadella has already contacted all employees of Microsoft via an email memo.

"While we have seen great success, we are hungry to do more," wrote Nadella. "Our industry does not respect tradition -- it only respects innovation. This is a critical time for the industry and for Microsoft. Make no mistake, we are headed for greater places -- as technology evolves and we evolve with and ahead of it. Our job is to ensure that Microsoft thrives in a mobile and cloud-first world."

Ballmer also wrote a memo to Microsoft employees.

"I love this company," he wrote. "I love the bigness and boldness of what we do. I love the way we partner with other companies to come together to change the world. I love the breadth and the diversity of all of the customers we empower, from students in the classroom to consumers to small businesses to governments to the largest enterprises. Above all, I love the spirit of this place, the passion, and the perseverance, which has been the cornerstone of our culture from the very beginning."

Ballmer concluded his memo stating employees to remain focused and move forward.

With Nadella's confirmation, Microsoft released a video featuring its new CEO and touted it as the first interview since his appointment (see below).

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