Microsoft on Friday put out word that Xbox stalwart Phil Spencer is retiring, in a shakeup of leadership at the tech titan’s video game unit.

Former Instacart chief operating officer Asha Sharma will take over as head of Microsoft Gaming, with Matt Booty becoming executive vice president and chief content officer.

“As we celebrate Xbox’s 25th year, the opportunity and innovation agenda in front of us is expansive,” Microsoft chief executive Satya Nadella said in a message to employees.

“I am long on gaming and its role at the centre of our consumer ambition.”

Changes to the gaming team include Sarah Bond leaving her job as Xbox president “to begin a new chapter” away from Microsoft, according to the company. Booty was previously president of game content and studios at Microsoft, according to his LinkedIn page.

The shakeup comes as cloud computing and artificial intelligence have become priorities at Microsoft, driving revenue growth but also massive spending on infrastructure to power the technology.

“When I walked through Microsoft’s doors as an intern in June of 1988, I could never have imagined the products I’d help build, the players and customers we’d serve or the extraordinary teams I’d be lucky enough to join,” Spencer said in a message to colleagues.

“It’s been an epic ride and truly the privilege of a lifetime.”

Spencer headed the Xbox unit for 12 of his 38 years at Microsoft, nearly tripling the size of the business as video games evolved from packaged software for consoles to subscription services and digital downloads on an array of devices.

Spencer also guided the Xbox team through acquisitions of Activision Blizzard, ZeniMax, and Minecraft.

Xbox boasts more than 500 million monthly users and a vast stable of game studios, along with a subscription gaming service.

“We are witnessing the reinvention of play,” Sharma said in a blog post announcing the leadership changes.

“To meet the moment, we will invent new business models and new ways to play by leaning into what we already have: iconic teams, characters and worlds that people love.”

Sharma said she would renew focus on the Xbox console, aiming to “recommit to our core Xbox fans and players”.

Microsoft Gaming has been grappling with tariff-induced cost pressures, strong competition and uncertain consumer spending, prompting price rises on Xbox hardware.

Last month, Microsoft reported that its gaming revenue fell around 9.5 per cent in the December quarter, and it recorded undisclosed impairment charges in the division.

Microsoft had closed its $69 billion deal for “Call of Duty” maker Activision Blizzard in 2023, swelling its heft in the video-gaming market after heavy regulatory scrutiny.

The company’s gaming unit contends with robust competition from Sony’s PlayStation, particularly regarding console market share and exclusive game offerings.

“Microsoft’s leadership transition is appropriate as it comes at a time when the technology underlying gaming is shifting. As AI becomes a bigger element in game development, Microsoft needs a new generation of leaders to manage through this transition,” said D.A. Davidson analyst Gil Luria.

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ISLAMABAD: The government on Friday constituted a private sector Board of Administrators of Export Development Fund (EDF) with immediate effect.

Comprising an overwhelming 16 members from the private sector, the EDF has been constituted under section 5 of the Export Development Fund Act 1999 (amended 2026), to look after administrative affairs of the EDF.

Led by Service Long March Tyres Ltd Chief Executive Omer Saeed, the board comprised Style Textile Pvt. Ltd CEO Shahzad Asghar Ali, Interloop Ltd Director Tariq Iqbal Khan, Artistic Milliners Pvt. Ltd CEO Yaqoob Ahmad, Nishat Mills Ltd CEO Mian Umer Mansha, Novatex Ltd Executive Director Shabbir Diwan, Verdora Ventures CEO Syed M. Mahd, Systems Ltd CEO Asif Peer, chairmen/presidents of the Pakistan Business Council, the Federation of Pakistan Chambers of Commerce and Industry, Rice Exporters Association of Pakistan, Surgical Instrument Manufacturers Association of Pakistan, Pakistan Sports Goods Manufacturers & Exporters Association, All Pakistan Meat Exporters & Processors Association and Pakistan Pharmaceuti­cal Manufacturers Asso­cia­tion.

Public sector members include secretaries or their BS-21 representative of the ministries of Finance, commerce, national food security, Industries & Production, chief executive of Trade Development Authority of Pakistan and Executive Director Export Development Fund and Dr Mohammad Saeed, Senior Technical Adviser on Trade, Customs and Institutional Reforms.

Published in Dawn, February 21st, 2026

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KARACHI: The Pakistan Virtual Assets Regulatory Authority (PVARA) on Friday announced approval and launch of a regulatory sandbox for virtual assets.

The announcement, shared on the authority’s social media platforms said PVARA “has formally approved and launched its regulatory sandbox for virtual assets.”

It adds that the “sandbox creates a live, supervised environment for testing real-world use cases, including tokenisation, stablecoins, remittances, and on- and off- ramp infrastructure under regulatory oversight”.

The post said that official guidelines for PVARA’s sandbox would be published in the authority’s website soon, but no details had been released until the time of going to press.

According to SECP’s website, a “regulatory sandbox is a tailored regulatory environment for conducting limited-scale, live tests of innovative products, services, processes, and/or business models in a controlled environment for a limited period of time.”

It further adds that this is “to assess their visibility to be launched on full-scale, and to determine the compatible and enabling regulatory environment that will be conducive for the innovative solutions.”

PVARA’s sandbox will allow for a controlled testing environment where web3 start-ups can trial innovative products and services under relaxed regulatory conditions, to inform new regulations that balance innovation and consumer protection.

Published in Dawn, February 21st, 2026

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