The Microsoft board of directors has elected CEO Satya Nadella as its chairman, replacing John Thompson, who succeeded Bill Gates in 2014. Thompson was unanimously elected as lead independent director, a role Microsoft notes he held previously from 2012 to 2014.

“In this role, Nadella will lead the work to set the agenda for the board, leveraging his deep understanding of the business to elevate the right strategic opportunities and identify key risks and mitigation approaches for the board’s review,” Microsoft revealed. “As lead independent director, Thompson will retain significant authority including providing input on behalf of the independent directors on board agendas, calling meetings of the independent directors, setting agendas for executive sessions, and leading performance evaluations of the CEO.”

Mr. Nadella will, of course, retain his role as CEO as well. Microsoft stock has risen more than 600 percent during his tenure, and the software giant is now the second-largest company in the world.