Microsoft today announced that Steve Ballmer is retiring within the next 12 months, when a successor is found. Until then, he will continue his duties as CEO. Steve Ballmer issued a statement via Microsoft’s official webpage detailing his thoughts:

“We have embarked on a new strategy with a new organization and we have an amazing Senior Leadership Team. 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.”

-Steve Ballmer

Ballmer joined the company in 1980 as the first business manager hired by Bill Gates, and was named as CEO in 2000, but finally took over Bill Gates when the company’s founder stepped down from his day-to-day activities at the company in 2006.

A special committee has been assembled by the Board of Directors – which includes Chairman of the Board, Bill Gates himself – to help look for candidates to succeed Ballmer. The transition is expected to occur sometime within the next 12 months. It’s difficult to try to put a specific timeframe to this transition, but it’s likely that Ballmer will see the launch of the Xbox One through as well as assist in the company’s overall strategy.

When do you think we’re likely to see his replacement? Let us know in the comments below.