Microsoft has appointed its first female CFO, with Amy Hood replacing the outgoing Peter Klein.

Effective immediately, Hood has been promoted from her CFO role in the Microsoft Business Division while Klein will remain at the company until 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,” says Steve Ballmer, CEO, Microsoft.

"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.”

Cited as a key Microsoft insider, unconfirmed media reports claimed both Hood and Windows CFO Tami Reller had competed for the role, after both exceeding within their respective divisions.

After joining the business in December 2002, Hood, currently 41, previously overseen all financial strategy, management and reporting for the $24.1 billion business, while also involved in the strategy development and overall execution of the company’s successful acquisitions of Skype and Yammer.

“I’m excited to step into this role and look forward to working closely again with our investors and shareholders,” Hood says.

“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.”

Before joining Microsoft as a part of the investor relations group, Hood worked at Goldman Sachs in various roles including investment banking and capital markets groups.

Klein's decision to leave the company was announced during Microsoft's quarterly financials last month, with Ballmer praising the outgoing CFO.

“It has been a pleasure to work with Peter as CFO,” he said at the time.

“He’s been a key member of my leadership team and a strategic advisor to me, and I wish him the very best.”

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