Intel CEO announces retirement

Intel has announced that its president and CEO,

Paul Otellini

, has decided to retire as an officer and director at the company’s annual stockholders’ meeting in May, starting an orderly leadership transition over the next six months.
Otellini will retire in May at the age of 62, earlier than the company’s mandatory retirement age for CEOs of 65. Intel’s fifth chief executive, Otellini has worked at the company for nearly 40 years and became CEO in 2005.

Otellini’s decision to retire will bring to a close his career of nearly 40 years of continuous service to the company.
Board of directors will choose new person for this job through internal or external hiring.

Intel’s board was surprised last week when Otellini announced he planned to retire and it tried to get Otellini to stay, Intel spokesman Chuck Mulloy said.

Beside this board of diretors also announced promotion of three senior positions as executive vice president.including 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.