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 be "substantially increase time" at the company as a technology adviser.

Clearly lots to digest. Who is Nadella? 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.