Software giant Microsoft (NASDAQ:MSFT) has named a new CFO following its announcement last month that Peter Klein would be stepping down at the end of the current fiscal year. Klein had served as CFO for four years and has been with Microsoft for 11 years. Amy Hood is Microsoft's new CFO, effective immediately.

Hood has most recently served as a corporate vice president and CFO of Microsoft's business division, and played a role in Microsoft's acquisitions of Skype and Yammer. She was chief of staff in the server business before that position. She has been with Microsoft for more than a decade, joining in December 2002. Microsoft's fiscal year ends in June, which is when Klein will depart. He will remain until then to facilitate a smooth transition.

CEO Steve Ballmer said she has been instrumental in leading the business segment and its transition to the subscription-based Office 365.

Fool contributor Evan Niu, CFA, has no position in any stocks mentioned. The Motley Fool owns shares of Microsoft. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.