Microsoft names Satya Nadella as its new CEO to replace outgoing chief Steve Ballmer effective immediately. Nadella is a 22-year veteran of the company. Ballmer says, "He's got a technical background and perhaps more importantly a remarkable ability to see opportunities within the marketplace." Microsoft Chairman Bill Gates will take a more hands-on roll as Technology Advisor. Gates will devote a third of his time to product development. Board Member John Thompson will replace Gates as Chairman of the Board. TheStreet's Ruben Ramirez has details from Wall Street.