Bill Gates stepping down in 2008

Bill Gates is transitioning out of his full-time role at Microsoft, the software giant that's been under pressure due to a sagging stock price, competition from Google, and nagging delays in the Vista operating system.

In a press conference held Thursday after the stock markets had closed for regular trading, Gates announced that over the next two years he will gradually step away from his daily responsibilities at the company he cofounded some 30 years ago.

Microsoft's chief technical officer Ray Ozzie will immediately assume the title of chief software architect, Gates said. In addition, chief technical officer Craig Mundie will immediately take the new title of chief research and strategy officer and will assume Gates' responsibilities for the company's research and incubation efforts.

"Our business and technical leadership has never been stronger, and Microsoft is well-positioned for success in the years ahead," Gates said in a release. "I feel very fortunate to have such great technical leaders like Ray and Craig at the company," Gates said. "I remain fully committed and full-time at Microsoft through June 2008 and will be working side-by-side with Ray and Craig to ensure that a smooth transition occurs."