Intel CEO Paul Otellini Retiring in May

Paul Otellini

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.

Check Also

health care

Aptive-HTG JV Wins $121M in VA Health System Modernization Task Orders

A joint venture between Aptive Resources and Enterprise Resource Performance Inc. has won two task orders worth $121M combined to provide systems integration and operational support for the Department of Veterans Affairs’ healthcare networks.

IMAP mission

SpaceX to Help Launch NASA’s Heliosphere Exploration Spacecraft Under $109M Contract

SpaceX will provide launch services under a potential $109.4M contract for a NASA-funded mission that seeks to further study the heliosphere’s boundary that produces a magnetic barrier protecting the solar system. NASA said Saturday its Interstellar Mapping and Acceleration Probe mission will examine the neutral particles that pass through the barrier and study how particles become faster in space.