Intel confirms CEO Paul Otellini will retire in May
After recent executive departures at both Apple and Microsoft, chipmaker Intel has become the latest tech giant to lose a key leader with CEO Paul Otellini confirming his intention to retire in May 2013.
Otellini will step aside as CEO and director of Intel after the firm’s annual stockholder meeting in May, with Intel stating that it will consider both internal and external candidates for the vacancy.
Otellini, 62, has worked for Intel for 40 years and became the company’s fifth chief executive officer back in 2004. He is also currently on the board of Google.
The Intel CEO presided over a computing era which was dominated by Intel’s x86 processors and the famous Wintel partnership. However, in more recent times, Intel has been late to making chips for the tablet market and has struggled to gain market traction for its new Ultrabooks PCs.
“I’ve been privileged to lead one of the world’s greatest companies,” said Otellini in a prepared statement.
“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 [Bryant – chairman of the board), 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.”
This news from Intel follows recent shake-ups at both Apple and Microsoft.