Date: 20/11/2012

Intel's Paul Otellini to retire

Intel has announced company's CEO and President Paul Otellini to retire from May . During his tenure at Intel as CEO, Intel has progressed both by technology and sales amid challenging environment both in terms of weak market and fast changing application of processor chips and business model where IP sales has emerged in a big way.

“I’ve been privileged to lead one of the world’s greatest companies,” Otellini 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. I look forward to working with Andy, the board and the management team during the six-month transition period, and to being available as an advisor to management after retiring as CEO.”

Intel is considering both internal and external candidates to replace him. Intel has also announced that the board has approved the promotion of three senior leaders to the position of executive vice president: Renee James, head of Intel’s software business; Brian Krzanich, chief operating officer and head of worldwide manufacturing; and Stacy Smith, chief financial officer and director of corporate strategy.