Steve Ballmer the often divisive CEO of one of the largest technology companies in the world, Microsoft, is stepping down in his role as CEO within the next 12 months. Ballmer was the 30th employee of Microsoft and has been at the company since June 11, 1980. Ballmer made his intentions known in an internal letter to Microsoft staff today (see below). A company spokesman confirmed that Ballmer is to remain as CEO until his successor is appointed with a search committee headed by Microsoft board member John Thompson tasked with finding a successor.

The news bumped Microsoft’s share price up by more than 8% in premarket trading on the Nasdaq although it has since dropped to around 6.7%.

All we know is that we’re going to miss Steve and his eccentricity

His letter is included below:

I am writing to let you know that I will retire as CEO of Microsoft within the next 12 months, after a successor is chosen. There is never a perfect time for this type of transition, but now is the right time. My original thoughts on timing would have had my retirement happen in the middle of our transformation to a devices and services company focused on empowering customers in the activities they value most. We need a CEO who will be here longer term for this new direction.

This is a time of important transformation for Microsoft. Our new senior leadership team is amazing. The strategy we have generated is first class. Our new organisation, which is centred on functions and engineering areas, is right for the opportunities and challenges ahead.

Microsoft is an amazing place. I love this company. I love the way we helped invent and popularise computing and the PC. I love the bigness and boldness of our bets. I love our people and their talent and our willingness to accept and embrace their range of capabilities, including their quirks. I love the way we embrace and work with other companies to change the world and succeed together. I love the breadth and diversity of our customers, from consumer to enterprise, across industries, countries, and people of all backgrounds and age groups.

I am proud of what we have achieved. We have grown from US$7,5m to nearly $78bn since I joined Microsoft, and we have grown from employing just over 30 people to almost 100 000. I feel good about playing a role in that success and having committed 100% emotionally all the way. We have more than 1bn users and earn a great profit for our shareholders. We have delivered more profit and cash return to shareholders than virtually any other company in history.

I am excited by our mission of empowering the world and believe in our future success. I cherish my Microsoft ownership, and look forward to continuing as one of Microsoft’s largest owners.

This is an emotional and difficult thing for me to do. I take this step in the best interests of the company I love; it is the thing outside of my family and closest friends that matters to me most.

Microsoft has all its best days ahead. Know you are part of the best team in the industry and have the right technology assets. We cannot and will not miss a beat in these transitions. I am focused and driving hard and know I can count on all of you to do the same. Let’s do ourselves proud.

Steve