Intel CEO Paul Otellini announces May retirement - hammittlever2000

Intel CEO Paul Otellini will retire as an military officer and director of the party in May, ending a 4-decade career with the company.

Otellini is to retire during a stockholders meeting inside six months, making sure the transition to a parvenu CEO is conducted in an orderly manner, Intel said Monday. (See besides a recent PCWorld Q&A with Otellini.)

"Otellini's decision to retire will bring to a good a extraordinary career of nearly 40 years of continuous service to the company and its stockholders," the company said.

Otellini has been a "same strong leader" who "has managed the company through challenging times and market transitions," said Andy Bryant, chair of the board, in a statement. Otellini is the fifth CEO in Intel's 45-year existence.

A successor for Otellini will personify sought by the directorate, which will consider international and internal candidates to take up the helm of the cut off manufacturer, Intel said.

During Otellini's leadership from the second quarter of 2005 through with the third canton of 2012, Intel achieved record revenue and net profit. "During this period, annual revenue grew from $38.8 billion to $54 billion, spell annual earnings-per-partake grew from $1.40 to $2.39," Intel said.

The party also same that the board had authorised the advancement of threesome last leadership to the position of executive V.P.: Renee James, head of Intel's software business; Brian Krzanich, chief operative officer and forefront of cosmopolitan manufacturing; and Stacy Smith, CFO and director of corporate strategy.

"I've been privileged to lead one of the world's greatest companies," Otellini said in a statement. "After about four decades with the company and eight years as CEO, it's time to advance and transfer Intel's helm to a new generation of leadership. I look forward to operative with Andy, the board and the direction squad during the six-month transition period, and to being available as an advisor to management after retiring as CEO."

Loek is Amsterdam Correspondent and covers online privacy, intellectual property, open-source and online payment issues for the IDG News Service. Follow him on Twitter at @loekessers or email tips and comments to loek_essers@idg.com