Microsoft announced Satya Nadella as its new CEO this morning. Nadella joined Microsoft in 1992, and is now upgrading from his previously-held position as Executive Vice President of the company's Cloud and Enterprise group. The new CEO is credited with bringing Microsoft's various services to the cloud.

Additionally, founder Bill Gates will take a new role on the Board of Directors as Founder and Technology Advisor, "supporting Nadella in shaping technology and product direction." In his stead, John Thompson will take the role of Chairman with the Board.

The company's previous longtime CEO, Steve Ballmer, announced that he would retire "within a year" back in August 2013. Prior to the announcement, Ballmer named Julie Larson-Green the head of the Devices and Studios Engineering Group, the division created in the company's organizational shift to include the Xbox brand in it.