Microsoft just announced CEO Steve Ballmer will retire.
And the stock is surging, up over 8% pre-market.
Ballmer, who has been CEO since 2000, will retire within the next 12 months, according to Microsoft. The board has begun the process of looking for a new CEO.
Last month, the company announced a major reorganization.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.