Intel Corp. (NASDAQ: INTC) President and CEO Paul Otellini will retire as both an officer and director at the company’s annual stockholders’ meeting in May, the company announced Monday.
Otellini, chief executive since May 2005, initially joined Intel in 1974 and was elected to the board of directors in 2002, when he also became president and chief operating officer.
The company also announced the promotion of three senior leaders to executive vice president ranks:
- Brian Krzanich, chief operating officer and head of worldwide manufacturing
- Stacy Smith, chief financial officer and director of corporate strategy
- Renee James, head of Intel’s software business
During the six-month transition, the board of directors will consider both internal and external candidates as potential successors to Otellini.
“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, ” Otellini said. “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.”
“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, ” said Andy Bryant, chairman of the board. “The board is grateful for his innumerable contributions to the company and his distinguished tenure as CEO over the last eight years.”
During Otellini’s tenure as CEO, the company increased its revenue from $38.8 billion to $54 billion, while annual earnings-per-share grew from $1.40 to $2.39.
