Without much warning or fanfare (rumors notwithstanding), Microsoft this morning announced that Satya Nadella will replace Steve Ballmer as its new CEO — effective immediately. But that's not all. Founder Bill Gates is stepping down from his role as Chairman and will "substantially increase time" at the company as a technology adviser.

Clearly lots to digest. Who is Nadella? Can he be as energetic as Ballmer? What will Gates do? And what is the future of Microsoft? The company is holding a webcast at 12PM PT / 3PM ET today. Join us after that for The Verge Live — with Nilay Patel, Dieter Bohn, and our resident Microsoft expert Tom Warren. (Time zones)

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