Chief Financial Officer Chris Liddell is leaving Microsoft at the end of the year, the company said this afternoon. Peter Klein, now CFO for the Microsoft Business Division, has been named the new CFO for the company.

Liddell is "exploring a number of opportunities," said Mark Murray, Microsoft spokesman. Liddell has been at the company for almost five years. This past year, Liddell oversaw cost cutting that eliminated $3 billion in expenses and 5,800 jobs.

Microsoft stock has been trading near a 52-week high of late, closing at $29.91 per share today. The stock has dropped slightly in after hours trading, since the news was announced, to $29.75 per share.

"I think he’s done a fine job," said McAdams Wright Ragen analyst Sid Parakh of Liddell's tenure at Microsoft. "Just last year, he’s kind of tried to address some of the long standing investor concerns. Clearly from a cost perspective, what they’ve done over the last year, reduced $3B in cost, that’s fairly commendable."

Chief Executive Steve Ballmer said in a statement:

“Chris and his finance team have accomplished a great deal over the past four and a half years. The team is deep and strong, and has an excellent record of building value for our shareholders. Peter brings great finance and operations expertise and a deep understanding of the company, and I am looking forward to a smooth transition that continues our commitment to cost containment and finance excellence.”

Liddell, 51, previously served as CFO at International Paper Co., and CEO of Carter Holt Harvey, a company based in New Zealand, where Liddell is from.

Klein, 47, has been at Microsoft since 2002 and has also served as CFO of the company's Server and Tools business. He previously worked at McCaw Cellular, Orca Bay Capital and startups including HomeGrocer.com. Klein has a bachelor's degree from Yale and a M.B.A. from the University of Washington.

Liddell will stay through the end of the year to help with the transition.