Microsoft has announced that, following the resignation of Steve Ballmer, its new CEO will be Satya Nadella.
Indian-born Nadella, 44, currently holds the position of Head of Cloud and Enterprise. He joined Microsoft back in 1992 and has degrees in electronics, computer science and business administration.
Microsoft also said founder Bill Gates would step down as chairman. He will now take up a new role as technology adviser and retain a seat on the board,
Taking Gates' place as Chairman will be Microsoft's lead independent director John Thompson who led the search for Microsoft's new chief executive.
"During this time of transformation, there is no better person to lead Microsoft than Satya Nadella," said Mr Gates.
"Satya is a proven leader with hard-core engineering skills, business vision and the ability to bring people together. His vision for how technology will be used and experienced around the world is exactly what Microsoft needs as the company enters its next chapter of expanded product innovation and growth."
Mr Nadella said of his appointment, "Microsoft is one of those rare companies to have truly revolutionised the world through technology, and I couldn't be more honoured to have been chosen to lead the company.
"The opportunity ahead for Microsoft is vast, but to seize it, we must focus clearly, move faster and continue to transform. A big part of my job is to accelerate our ability to bring innovative products to our customers more quickly."
Although many will be optimistic that Nadella can add a bit of freshness back into Microsoft, critics have pointed out that Mr Nadella has no experience of running a company, let alone one as big as Microsoft.