Microsoft's co-founder and chairman Bill Gates turned emotional when talking about the ongoing CEO hunt.

On Tuesday, November 19, an emotional Bill Gates addressed shareholders at Microsoft's annual meeting and said Microsoft will not rush in announcing the candidate for the "complex role."

Speculations surrounding who will be Microsoft's next CEO have been rife since Steve Ballmer announced his retirement earlier in August this year.

Gates revealed that the board has met and discussed about the prospective CEO candidates this week. However, an announcement was not be made at the annual meeting. Gates also did not reveal the names of the candidates who were being considered for the role.

"We've got a commitment to make sure the next CEO is the right person for right time for the company we both love," an emotional Gates told shareholders. "We share a commitment that Microsoft will succeed as a company that makes the world a better place."

In Microsoft's 38-year old history, the company has had only two CEOs - Steve Ballmer and Gates, both of whom are on the search committee.

"In our entire 38-year history, we've only had two CEOs, and that alone makes us quite unusual," said Gates. "Steve and I really appreciated all the joys and challenges that came with being CEO...It's a privilege to work on the technology that's changed the world, and it's been exciting to deal with the problems that occupy the CEO's day."

According to a board document revealed by Bloomberg News last week, Microsoft is on the look out for a CEO with an "extensive track record in managing complex, global organizations within a fast-paced and highly competitive market sector; track record of delivering top and bottom line results. Proven ability to lead a multi-billion dollar organization and large employee base."

Rumors have been rife that ex-Nokia CEO Stephen Elop and Ford CEO Alan Mulally, along with Microsoft's COO Kevin Turner, are frontrunners for the position.