Intel’s CEO, Paul Otellini, has announced he will retire from his role in May next year after eight years at the head of the company.
San Francisco-born Paul Otellini has worked for Intel since 1974 and moved through a number of roles, from sales and marketing through to heading up the architecture group. After three years as chief operating officer, he was voted in as CEO in 2005, where he will now see out almost 40 years with the firm.
“I’ve been privileged to lead one of the world’s greatest companies,” he said. “After almost four decades with the company and eight years as CEO, it’s time to move on and transfer Intel’s helm to a new generation of leadership.
A successor has yet to be named by Intel, but a statement from the company said it was accepting both internal and external applications for the job.
Andy Bryant, chairman of the board at Intel, added: “Paul Otellini has been a very strong leader, only the fifth CEO in the company’s great 45-year history, and one who has managed the company through challenging times and market transitions.”
“The board is grateful for his innumerable contributions to the company and his distinguished tenure as CEO over the last eight years.”
Otellini will work with the board over the next six months during the transition period to new management and promised he would be available after stepping down to advise the next CEO.
Three promotions were also announced by Intel after Otellini’s decision was made public. Renee James, head of its software business; Brian Krzanich, COO and head of worldwide manufacturing; and Stacy Smith, CFO and director of corporate strategy, will all be made executive vice-presidents effective immediately.