Chief Executive Officer Steve Ballmer of Microsoft Corp. which had struggled to modify the world's biggest software manufacturer to adapt to the changing market place from personal computers to mobile devices. Ballmer had worked for Microsoft at its helm for more than a decade. The 57 year old CEO announced retirement from the firm within the next 12 months.

In a statement issued today, Microsoft said that Ballmer intended to step down from office. John Thompson, the company's lead independent director, would oversee the search for a candidate that would be replacing Ballmer. A committee had been established to seek qualified candidates and enlist them for the position. Co-founder Bill Gates also heads the committee. Investors were satisfied with the move that made Microsoft shares to increase by as much as 8.7%, its highest intraday price since 2009.

Ballmer's announced resignation from Microsoft helped the company and had reflected the changes roiling the computer industry. Microsoft incurred losses of almost half its value during Ballmer's term.