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Windows Phone VP Terry Myerson is a potential candidate. He recently made news when he said his company didn't need to build a Windows phone.
Microsoft has employed several females in their management level including Julie Larson-Green who is executive vice president, devices and studios.
Qi Lu's stock is on the rise. He's been head of Microsoft's Online Services Division, is now chief of the new Applications and Services group in the most recent reorg. Lu is in charge of engineering for Bing, MSN, Office 365, Office servers (Exchange, SharePoint, Lync) and clients, Dynamics CRM and ERP, Skype and Yammer.