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Intel announces CEO retirement

Posted: 20 Nov 2012 ?? ?Print Version ?Bookmark and Share

Keywords:manufacturing? corporate strategy? retirement?

Intel announced Monday that president and chief executive Paul Otellini will leave the chip maker in May after nearly 40 years with the company. His replacement will be considered among internal and external candidates.

"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. He has been serving at the top post for the past eight years.

Intel also announced the promotion of three senior officials 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.

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.

- Peter Clarke
??EE Times

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