Computing technology company Intel Corporation has announced that Paul Otellini, its president and CEO, has decided to retire at the company’s annual meeting in May. He’s been with the company since 1974, just six years after Intel’s formation, and became CEO in 2005.
Andy Bryant, chairman of Intel’s board of directors, said “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.”
The company has also created three new executive vice presidents: 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.
The board of directors says it will consider internal and external candidates for the position of Mr Otellini’s successor.