Intel CEO Paul Otellini to retire in May
Paul Otellini, Intel's CEO, is to retire in May.
"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," the company said in a statement on Monday.
Otellini’s decision to retire will bring to a close a career of nearly 40 years of continuous service with the company.
“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.
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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.
However many are already suggesting the move is because Otellini has failed to make any decent in-roads into the smartphone and tablet business, allowing competitors such as Qualcomm and Nvidia to steal market share.
Earlier this year Intel announced a tie-in with Motorola to use the company's mobile phone-based processor in its Motorola RAZR i smartphone around the world, but not in the US.