Microsoft ended its five-month search for a new chief executive today, officially naming Satya Nadella as the new CEO, effective immediately. Today’s announcement didn’t come as a surprise, as those close to the matter previously said that Nadella was the frontrunner to replace Steve Ballmer.

With the CEO change, Bill Gates will also be taking on a new advisor role in the company and relinquishing his place as Chairman of the Board, according to the press release.

During this time of transformation, there is no better person to lead Microsoft than Satya Nadella,” Gates said in the press release. “Satya is a proven leader with hard-core engineering skills, business vision and the ability to bring people together. His vision for how technology will be used and experienced around the world is exactly what Microsoft needs as the company enters its next chapter of expanded product innovation and growth.”

Nadella has been with the company 22 years and previously held the position of executive vice president in charge of cloud and enterprise. He couldn’t be happier about taking on the new role and bringing changes to the worldwide tech giant.

Microsoft is one of those rare companies to have truly revolutionized the world through technology, and I couldn’t be more honored to have been chosen to lead the company,” Nadella said. “The opportunity ahead for Microsoft is vast, but to seize it, we must focus clearly, move faster and continue to transform. A big part of my job is to accelerate our ability to bring innovative products to our customers more quickly.”

Gates Changes Positions

The CEO position isn’t the only one changing hands, as Bill Gates has stepped down as Chairman of the Board of Directors. He is staying on the board as Founder and Technology Advisor, a position which will allow him to work closely with Nadella in shaping the company’s future.

As predicted, John Thompson will step up to the role of chairman. He previously held the position of lead independent director for the board.