Microsoft announced on Wednesday that Amy Hood, formerly the CFO of the company's business division, will succeed Peter Klein as the chief financial officer. Klein announced his plans to leave Microsoft recently and will remain at the company until the end of June to transition his duties over to Hood. The announcement follows previous reports that suggested Microsoft was pitting Windows CFO Tami Reller against Hood for the new CFO role, both of whom have considerable experience managing the financials of key Microsoft businesses.

Hood, 41, joined Microsoft back in December 2002 and has overseen the reporting and financials for Microsoft's Business Division. Hood is the first woman to serve as Microsoft's chief financial officer and she previously played a big role in Microsoft's recent acquisitions of Skype and Yammer, working closely with CEO Steve Ballmer to secure the Skype deal. Hood, who previously worked at Goldman Sachs, will now take over the key duties of meeting investors and shareholders immediately, while former CFO Klein will assist with the transition.