Activision Blizzard CEO Bobby Kotick will step down from his role as head of the video game company on Dec. 29, according to an internal memo from Microsoft Gaming CEO Phil Spencer on Wednesday. The leadership change was expected after Microsoft closed its $69 billion acquisition of Activision Blizzard in October. He first joined the company as Director and CEO of Activision Inc., in February 1991 before serving as CEO of Activision Blizzard beginning in July 2008. In a memo to employees Wednesday, Kotick expressed "gratitude and appreciation" for his time at Activision Blizzard. Thomas Tippl, the vice chairman of Activision Blizzard; Rob Kostich, president of Activision Publishing; Mike Ybarra, president of Blizzard Entertainment; and others will report to Matt Booty, the president of Microsoft's Game Content and Studios.

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Persons: Bobby Kotick, Phil Spencer, Kotick, Bobby —, Spencer, Tony Hawk, Thomas Tippl, Rob Kostich, Mike Ybarra, Matt Booty, Brian Bulatao, Dave McCarthy, — CNBC's Jordan Novet Organizations: Activision, Microsoft Gaming, Microsoft, Activision Blizzard, Activision Inc, CNBC, Activision Blizzard's, Activision Publishing, Blizzard Entertainment, Blizzard, Gaming, CNBC PRO Locations: U.S, Europe