Bill Gates chokes up at Ballmer's shareholder goodbye

Microsoft chairman Bill Gates choked up while reading from prepared remarks during Steve Ballmer's final shareholders meeting as chief executive.

The co-founder of the software giant said progress was being made to find Ballmer's replacement and he thanked him for serving as CEO for the last 13 years. Only Gates and Ballmer have led Microsoft Corp. since its founding 33 years ago.

Gates grew emotional while saying that both he and Ballmer are committed to making sure "that the next CEO is the right person for the right time for the company we both love."

The company, based in Redmond, Washington, says that all of its proposals, including the re-election of board nominees including Ballmer and Gates, have been approved.