[STEAM] Microsoft gaming chief Phil Spencer steps down after 38 years with company

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Executive Vice President for Gaming Phil Spencer announced he will retire after 38 years at

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and 12 years leading the company's video game efforts. Asha Sharma, an executive currently in charge of

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's CoreAI division, will take his place.

Xbox President Sarah Bond, who many assumed was being groomed as Spencer's eventual replacement, is also resigning from the company. Current Xbox Studios Head Matt Booty, meanwhile, is being promoted to Executive Vice President and Chief Content Officer and will work closely with Sharma.

In

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, Spencer said he told

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CEO Satya Nadella last fall that he was "thinking about stepping back and starting the next chapter of my life." Spencer will remain at

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"in an advisory role" through the summer to help Sharma during the transition, he wrote.

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