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Paul Otellini to step down at Intel

Intel CEO to resign from lead and as company director in May 2013

Paul Otellini to step down at Intel
Otellini will step down from Intel after 40 years with the company.

Intel CEO Paul Otellini has announced he will step down from the role in May next year.

Otellini, who has been at the helm of Intel for eight years, will resign as CEO and company director at Intel's annual shareholder meeting. Otellini has been with Intel for 40 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."

Intel says it has begun the process of looking for a replacement for Otellini, and will consider internal and external candidates.

The company has also promoted three senior execs, 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, to executive vice president positions.

"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."

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