Bill Gates, the founder of multi – billion dollar company Microsoft has stepped down as Chairman, handing the reigns over to Satya Nadella, the company’s President of the Cloud and Enterprise group.He is only the 3rd chief executive in Microsoft’s 39 year history, succeeding former CEO Steve Ballmer.

Microsoft considers this a crucial change in the company. Being known as the software powerhouse since it introduced the Windows platform, Microsoft still leads in market shares as compared to rival Apple, but has been forced to adapt to changes, setting their sights in the mobile industry. Recently, the company has acquired Nokia and reinvented their latest operating system, Windows 8 to suit mobile users in an attempt to reintroduce their software to users. So far, these attempts have been thwarted by the competition, and critics complained that Microsoft is losing its “culture of innovation”.

Mr. Nadella is faced with a huge task, and the Indian-born executive is a perfect fit, according to Microsoft. Having graduated from the Manipal University in 1988 with a degree in Engineering in Electronics and Communication, he is confident that the Microsoft can take advantage of the market by continuing to move forward and by transforming quickly.

Microsoft shares have increased by 1% in early trading upon the announcement of their new CEO.

Read more about this on the Sydney Morning Herald website.