Microsoft has named 22-year company veteran Satya Nadella as its next chief executive officer. Meanwhile, co-founder Bill Gates will step down as chairman, but will stay on the board and assume a new role as technology adviser to the company's new CEO.

46-year-old, India-born Satya Nadella is only Microsoft's third CEO in 39 years. He has been the executive in some of the company's fastest-growing and most profitable businesses.

For the past seven months, he led the creation of Microsoft's "cloud" computing services. Bill Gates said Nadella's experience in cloud computing made him the right man to lead Microsoft, as the company struggles to find its feet in the new arena of mobile computing.

Nadella's appointment comes at a time of turmoil for Microsoft. But analysts see hope in some of the businesses Nadella had a key role in creating. And board member John Thompson will take over the role as chairman from Bill Gates. Gates said he will spend a third of his time on Microsoft.

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