NEW YORK (TheStreet) -- Satya Nadella was officially named the CEO of Microsoft (MSFT). Nadella will take over the role from Steve Ballmer, effective immediately. Nadella was previously the executive vice president of cloud and enterprise, and has been at Microsoft for 22 years, TheStreet's Ruben Ramirez said.
Ballmer called Nadella a "proven leader" who has a "strong technical background" and a "remarkable ability to see opportunities in the marketplace." Nadella was responsible for building one of the largest cloud infrastructures in the world, which supports Bing, Xbox and Office, Ramirez said.
As a result of the management shakeup, founder Bill Gates will take on a larger role as the company's technology officer. The role will help shape the company's future technology and guide product direction.
Ramirez said John Thompson will replace Gates as the chairman of the board of directors.
The stock is up 32% in the past year, and currently trading near 52-week highs, he said.
-- Written by Bret Kenwell in Petoskey, Mich.