Microsoft says CEO Ballmer to retire within 12 months

SAN FRANCISCO - Microsoft announced Friday that chief executive Steve Ballmer would retire within 12 months as the company searches for a successor at the helm to US tech pioneer.

"There is never a perfect time for this type of transition, but now is the right time," Ballmer said in a statement. "My original thoughts on timing would have had my retirement happen in the middle of our company's transformation to a devices and services company. We need a CEO who will be here longer term for this new direction."