Microsoft has been on the lookout of an able successor of CEO Steve Ballmer for a long time and has given jitters to other technology companies, that fear the software giant might poach on their employees. The suspense is not yet over, as Microsoft said it will decide on a replacement CEO sometime early next year.

Microsoft has already handpicked over 100 candidates, including Ford CEO Alan Mulally, for the company's top spot and the search is still going strong. The search committee, which includes Bill Gates, the chairman of Microsoft board, has already engaged in dialogues with several dozen of the prospective candidates, according to John Thompson, a Microsoft board member. According to Thompson, the company has already zeroed in on 20 candidates who are most likely to get the job.

Microsoft has been fighting a difficult battle in the PC and smartphone market, with strong and focused attacks coming from rival computer Apple and Google. While the company has been steadily losing ground, the company is pinning its hopes on a new crop of products, such as the Microsoft Surface.

The company's CEO search focuses on a number of executives with strong ties to the company. Additionally, the search has also involved a number of marquee business executives. The company's choice of CEO will likely have a strong effect on how the company will proceed regarding its plans for the next couple of years.

"We're moving ahead well, and I expect we'll complete out work in the early part of 2014." said Thompson in a blog post.

Microsoft began looking for Ballmer's replacement 4 months ago following Ballmer's announcement of his retirement plans. Given the news of Ballmer's retirement, the company is looking at two possible futures. Either Microsoft will stay on its current course or invest heavily in a long-term plan to take on the mobile computing and cloud services industries.

Shares of Microsoft were down 1.21 percent at $36.08 on the NASDAQ during early morning trading session on Wednesday.