(NBC) - Software giant Microsoft announced a long-awaited restructuring on Thursday, organizing itself around key areas designed to make the company more nimble in a fiercely-competitive technology sector.

The company said it will deliver multiple devices and services as a single company, rather than a collection of separate divisions, after completing its first major overhaul in five years.

As part of the reorganization, Microsoft announced the president of its Microsoft Office division, Kurt DelBene, will be retiring. Early media reports suggested that many in the executive suite were nervous about the impending change.

Microsoft's last major reorganization was in July 2008, when Chief Executive Steve Ballmer split the company's 'Platforms & Services Division' into three separate units - Windows, Online Services and Server and Tools.  The reorganization process is expected to last through the end of the calendar year as Microsoft aims to "figure things out" the company said.

In a release, Ballmer said the realignment would make Microsoft "innovate with greater speed, efficiency and capability in a fast-changing world," while helping the company "execute even better" in creating devices and services.