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| Paul Otellini [FILE PHOTO] |
Santa Clara: Intel Corporation announced that the company's 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's decision to retire will bring to a close a
remarkable career of nearly 40 years of continuous service to the company and
its stockholders.
"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."
"I've been privileged to lead one of the world's
greatest companies," Otellini said. "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. 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 advisor to management after retiring as CEO."
The board of directors will conduct the process to choose
Otellini's successor and will consider internal and external candidates for the
job.
In addition, the company also announced that the board has
approved the promotion of three senior leaders 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 as CEO -- from the second quarter
of 2005 through the third quarter of 2012 -- Intel: generated cash from
operations of $107 billion, made $23.5 billion in dividend payments and increased
the quarterly dividend 181 percent from $0.08 to $0.225.