Microsoft’s CEO of over a decade has announced his retirement. Steve Ballmer revealed today that he will retire sometime within the next 12 months, after a suitable successor has been chosen.

“There is never a perfect time for this type of transition, but now is the right time,” Ballmer said. “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.”

Until a replacement is chosen, Ballmer will continue to work as the company’s CEO.

Microsoft’s Board of Directors, as led by Bill Gates, has appointed a special committee to work on selecting a replacement. The company is considering both internal and external candidates.

Let’s just take a minute to remember Microsoft’s departing CEO: