Bangalore: Microsoft CEO Steve Ballmer on Friday announced that he’s quitting the top job to pave the way for changes that the company needed to establish itself in the world dominated by mobile devices, social media, and other technologies. Ballmer said that he will retire within 12 months soon after appointment of a new CEO.

The announcement caught analysts and investors off guard but sent shares surging, reflecting a belief that change in leadership may help the company perform well.      

"There is never a perfect time for this type of transition, but now is the right time," Ballmer said. He also added that the company needed a leader who could see through its reorganization and new strategy, "My original thoughts on timing would have had my retirement happen in the middle of our company's transformation to a devices and services company. We need a CEO who will be here longer term for this new direction," reports The Guardian.

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