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Amy Hood named new Microsoft CFO

Microsoft on Wednesday named Amy Hood its new chief financial officer, effective immediately.

Hood was promoted from CFO of the Microsoft Business Division (MBD). She replaces outgoing CFO Peter Klein, whom Microsoft say would stay at the company through the end of June "to ensure a smooth transition."

"Amy brings the right talents and experiences to the role as we continue to strengthen our focus on devices and services. She has been an instrumental leader in the Microsoft Business Division (MBD), helping lead the transition to services with Office 365 and delivering strong financial and operational management throughout her time on the business," Microsoft CEO Steve Ballmer said in a statement.

Hood, 41, joined Microsoft's investor relations team in 2002 after working as an investment banker and capital markets analyst at Goldman Sachs. She holds degrees in economics and business administration from Duke and Harvard, respectively.

"I'm excited to step into this role and look forward to working closely again with our investors and shareholders. Peter has built a world-class finance team, and I am set up well to continue the company's strong discipline around costs and focus on driving shareholder value," said Hood, who became CFO of MBD in 2010.

Klein, who also joined Microsoft in 2002 and once headed the MBD financial team, said in announcing his departure last month that it had "not been an easy decision."

"Looking ahead, I have no specific plans. In the short term I will work to ensure a smooth transition. After that I intend to spend time with my extended family which is dispersed throughout the country and hopefully get to some long deferred travel. For the last 11 years Microsoft has been my family and now I am going to focus on my other family," he said in an April memo sent internally at Microsoft.