Big changes are happening at Microsoft today with major shake-ups to the Xbox and general gaming divisions.

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Phil Spencer, who joined Microsoft as an intern in 1988, is retiring after nearly 40 years with the company, stepping down as CEO of Microsoft Gaming. Xbox President Sarah Bond is also exiting. Asha Sharma, formerly President of Product Development for Microsoft's CoreAI division, will take over as the new Microsoft Gaming CEO. Matt Booty has been promoted to Chief Content Officer. The leadership overhaul comes amid declining Xbox console sales and controversy over Game Pass price increases.

Phil Spencer Retires from Microsoft with Xbox President Also Exiting