LONDON Ė Intel Corp. said Monday (Nov. 19) that Paul Otellini will retire as CEO and director of the chip maker in May.
Otellini's retirement coincides with Intel's annual shareholders' meeting
Intel said it will consider both internal and external candidates for the top post. Otellini has worked for Intel for nearly 40 years and served as CEO for the last eight.
"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," Intel board chairman Andy Bryant said in a statement.
"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 adviser to management after retiring as CEO," Otellini added.
Intel also announced the promotion of three senior officials to the position of executive vice president: Renee James, head of Intelís software business; Brian Krzanich, chief operating officer and head of worldwide manufacturing; and Stacy Smith, chief financial officer and director of corporate strategy.
During Otellini's tenure, Intel said it generated $107 billion from operations and made $23.5 billion in dividend payments. Over the same period, annual revenue grew from $38.8 billion to $54 billion, while annual earnings per share grew from $1.40 to $2.39.
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