One of the execs leaving Microsoft is starting an investment fund backed by former CEO Steve Ballmer

Microsoft CEO Satya Nadella announced a bunch of changes to his top leadership team on Wednesday.

Among them: Mark Penn, Microsoft's chief strategy officer, would be leaving to start a new investment fund.

It turns out that fund is backed by his old boss, the former CEO of Microsoft Steve Ballmer, the two of them announced in a press release.

The new company will be called Stagwell Group, has raised $250 million in funding and will focus on investing in digital marketing companies.

Penn's background is in advertising, market research and politics. He was an advisor to former President Bill Clinton and to Hillary Clinton.

Penn told Nadella a couple of months ago that he had plans to leave Microsoft and start this fund, Nadella said in an email to employees on Wednesday.