Microsoft has named their third permanent CEO today and that person is none other than Satya Nadella. It's alright, I didn't know who this person was before today either.

Nadella shares his thoughts on the decision with the employees at Microsoft and with the world.
Today is a very humbling day for me. It reminds me of my very first day at Microsoft, 22 years ago. Like you, I had a choice about where to come to work. I came here because I believed Microsoft was the best company in the world. I saw then how clearly we empower people to do magical things with our creations and ultimately make the world a better place. I knew there was no better company to join if I wanted to make a difference. This is the very same inspiration that continues to drive me today.(...)

While we have seen great success, we are hungry to do more. 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.

In addition to Steve Ballmer leaving as CEO, what other major changes are happening at Microsoft? Well, Bill Gates is stepping down as the Chairman but will assume a new role on the Board as Founder and Technology Advisor. This will find Gates being more involved with the company again and supporting Nadella "in shaping technology and product direction."

Microsoft's stock went up $0.18 immediately following the news today. Sorry Ballmer.