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Otellini To Retire Next May

Santa Clara, Calif. – Intel CEO Paul Otellini said today he will step down from his position in May 2013.

Ottellini will take his final bow during the company stockholder meeting held at that time. His decision will bring to a close a 40-year career at Intel. He took over the reins as CEO in 2005.

“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.

Otellini decided to give a long lead time on the move in order to provide for a smooth transition. The company’s board will shortly begin the hunt for a new leader and will explore both internal and external options, it said in a written release.

Intel also announced the promotion of three executives. Renee James will now head the company’s software business, she had been GM of software and solutions; Brian Krzanich is now COO and head of worldwide manufacturing, up from COO/ senior VP; and Stacy Smith is now CFO and director of corporate strategy, his previous post was CFO/senior VP.