Intel CEO announces surprise retirement
Intel CEO Paul Otellini will retire in May. The California chipmaker faces an interesting future as mobile devices reduce demand for computer processors.
Intel CEO Paul Otellini is retiring in May, giving the world's largest maker of microprocessors six months to find a new leader as it tries to navigate a shaky economy and adapt to a shift toward mobile devices that has reduced demand for its computer chips.
Although Otellini's impending departure was announced Monday, he notified Intel Corp.'s board of his retirement plan last Wednesday. The decision caught the board by surprise because Intel's protocol typically calls for its CEOs to step down when they turn 65. Otellini is 62.
"The decision was entirely Paul's," said Intel spokesman Paul Bergevin. "The board accepted his decision with regret."
Otellini will be ending a nearly 40-year career with Intel, including an eight-year stint as CEO. He joined the Santa Clara, California company after graduating from the nearby University of California at Berkeley and worked his way up the ranks before succeeding Craig Barrett as CEO in 2005.
Intel's board plans to consider candidates inside and outside the company as it searches for Otellini's successor. Otellini will be involved in the search.
Otellini and the four other men who have been Intel's CEO have all been promoted from within. The company's board is believed to be leaning in that direction again.