Five candidates remain to succeed retiring Microsoft CEO (MSFT) Steve Ballmer, with Ford (F) Motor chief executive Alan Mulally and former Nokia (NOK) chief and soon-to-be-returning Microsoft executive Stephen Elop heading the list of those still in contention for the hot seat.

Will a turnaround expert best fit the company’s needs or is a technology visionary what’s required, particularly in these rapidly changing times? Realistically, finding both qualities—and then some–in the same person may not be possible…

According to a Reuters report, along with Mulally and Elop former Skype chief and current Microsoft business development head Tony Bates and the vendor’s cloud and enterprise boss Satya Nadella also continue in the running. The fifth remaining candidate still is a mystery, at least to outsiders but just in case you were wondering, Microsoft chairman and co-founder Bill Gates apparently is not considering returning to the chief executive slot.

From 40 to 5

Microsoft’s search committee reportedly has trimmed the original list of 40 contenders to a more manageable number but the decision on who’ll win the prize is not imminent, according to sources cited in the report.

As one might expect, no one involved with the search committee or any of the people supposedly on the short list, or their people, is talking on the record at this point. It would be shocking, actually, if they did, considering Ballmer doesn’t intend to depart until sometime next summer, although word has it some investors are clamoring for a replacement sooner rather than later.

Others have a growing list of demands for changing the company’s culture and leadership. For example, some investors are urging Microsoft’s board to hire a turnaround expert such as Mulally. Would Microsoft be best served by that kind of specialist—particularly one coming in from outside IT, as in Mulally’s case—to shake the company out of its stock price doldrums?

Others have suggested that some of the problem resides in the penthouse with Gates himself, arguing the company would be best served were he to cast a paler shadow, perhaps paving the way for more deep-seeded changes. It’s a good point but hardly a new one—the assumption should be that any qualified chief at that level by definition will have the ego and spine to navigate the Gates terrain.

Nevertheless, the idea that embedded in that sentiment is the notion that Microsoft may need fresh eyes to enact purposeful reform is a valid one.

Activist investor ValueAct, which earlier this year pressed and won a seat on Microsoft’s board, reportedly has been told it will have access to the remaining candidates for Ballmer’s job.