Intel Corporation (NASDAQ:INTC) has announced that its President and CEO, Mr. Paul Otellini, has decided to retire at the company’s annual shareholders’ meeting in May 2013. He has provided nearly 40 years of continuous service to the company and its shareholders.
The change comes during a critical period for the company. The PC market is sluggish and Intel has had limited success in the fast-growing mobile market. An interesting aspect of this transition is that the company has said it will look outside, as well as inside, the company for Mr. Otellini’s successor. Intel is famous for its succession planning and selecting top executives from within.
Chairman of the Board Andy Bryant said “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.” and “The board is grateful for his innumerable contributions to the company and his distinguished tenure as CEO over the last eight years.”
Mr. Otellini said, “I’ve been privileged to lead one of the world’s greatest companies.” and “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.”
Also Intel announced that its Board has approved the promotion of three senior officials 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.