After months of speculation, following Steve Balmers announcement that he would be stepping down from his position, Microsoft has appointed Satya Nadella as CEO.

Nadella, who joined the company in 1992, was previously executive vice president of Microsoft’s Cloud and Enterprise group.

“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.”

Microsoft also announced that Bill Gates will be assuming a new role on the companys Board as founder and technology advisor, which will see him devoting more time to the company he founded and supporting Nadella in shaping technology and product direction.

“During this time of transformation, there is no better person to lead Microsoft than Satya Nadella,” said 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.”