Microsoft confirms Nadella as new chief executive

Microsoft has confirmed Satya Nadella, a 22-year veteran of the software giant, as its new chief executive officer. The head of Microsoft's Cloud and Enterprise Group joins the board and replaces chief executive Steve Ballmer with immediate effect. Ballmer annoucned last August that he would step down once a successor was found.

Microsoft also announced that founder Bill Gates will step down as chairman and assume the new role of 'Founder and Technology Advisor', devoting more time to the company and supporting Nadella in shaping technology and product direction. John Thompson, lead independent director on the board, will become the new chairman.

Nadella joined the company in 1992 and previously served as head of Microsoft's Server and Tools division. Gates said, 'Satya is a proven leader with hard-core engineering skills, business vision and the ability to bring people together.'