Microsoft's new CEO is Satya Nadella, a 22-year veteran of the company who previously headed up Microsoft’s lucrative Cloud and Enterprise group. The announcement ends a months-long search for a CEO to replace Steve Ballmer. 

Here's Microsoft's statement on the promotion: 

As Satya Nadella becomes the third CEO of Microsoft, he brings a relentless drive for innovation and a spirit of collaboration to his new role. He joined Microsoft 22 years ago because he saw how clearly Microsoft empowers people to do magical things and ultimately make the world a better place. Many companies, he says, “aspire to change the world. But very few have all the elements required: talent, resources and perseverance. Microsoft has proven that it has all three in abundance.”

The most recent rumors of Microsoft's CEO search correctly pegged Nadella as the front runner, over more high-profile choices like Nokia CEO Stephen Elop, whose company was acquired by Microsoft in mid-2013. As Time notes, the 46-year-old is now "the most powerful Indian-born tech executive in the world."

Those outside of Microsoft might not know a lot about the company's new chief executive, but his reputation inside the company is reportedly stellar. Over the years, he has personally worked with the previous two CEO (the only ones the company has ever had) Ballmer and Microsoft founder Bill Gates.

Given his low profile, the company is already attempting to "introduce" the public to its newest leader with a splashy website. In a video interview following the announcement, Nadella said he was "honored, humbled, [and] excited" to take over. His primary focus, he added, would be to "remove any obstacles that allow us to innovate." 

In addition to the CEO announcement, Microsoft also confirmed that Gates will step down as Chairman, but will remain on the board as a "technology advisor."