Moore is to join video games giant Electronic Arts as president of the EA Sports label.
"Peter has contributed enormously to the games business since joining Microsoft in 2003 and we are sad to see him go," said Robbie Bach, president of entertainment and devices division at Microsoft.
"Since that time, he presided over the global launch of the Xbox 360, spearheaded a revitalised and rebranded Games for Windows business, and helped steer the console's ascent."
Ironically, Moore will be replaced by Don Mattrick, a former president at EA.
Moore will remain at Microsoft to assist in the transition until August, and will return to the San Francisco Bay area to take up his new role at EA in September.
According to documents filed with the US Securities and Exchange Commission, EA is to pay Moore a US$1.5m golden hello, along with an annual base salary of US$550,000 with a discretionary target bonus percentage of 75 percent of that salary.
"I could not be more excited about joining EA and moving my family back to the San Francisco Bay Area," said Moore.
Moore's appointment is part of a recent reorganisation that divided EA into four autonomous labels. Frank Gibeau serves as president of EA Games; Kathy Vrabeck is president of EA Casual Entertainment; and Nancy Smith is president of The Sims.
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