November 19, 2012
Intel CEO Announces Retirement After 40 Years With Company
Lee Rannals for redOrbit.com — Your Universe Online
Intel announced on Monday that the company's president and CEO, Paul Otellini, will be retiring in May 2013.
Otellini has been working for nearly 40 years with Intel, helping to generate $107 billion in cash operations.
“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,” Andy Bryant, chairman of the board, said in a statement.
During his reign, Intel achieved record revenue and net income from 2005 through 2011, growing from $38.8 billion to $54 billion in annual revenue.
“The board is grateful for his innumerable contributions to the company and his distinguished tenure as CEO over the last eight years," Bryant said.
Intel said the board of directors will be conducting the process to choose his successor, and will consider internal and external candidates for the position.
“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 had some negative comments to say about Windows 8 a couple of months ago during an internal meeting, saying it wasn't fully developed and was being released before it was ready. However, he did say it was the right move for the company to compete against Apple during the holiday season.
Otellini helped drive successes, other than financial ones, at Intel as well, such as helping to "reinvent the PC with Ultrabook devices," according to the company.
Intel said that he greatly expanded business partnerships and made strategic acquisitions that expanded Intel's presence in security, software and mobile communications. Otellini also helped to achieve new innovations like High-K/Metal gate, and 3D Tri-gate transistors.
Intel shuffled up some of the members of the executive team as well, moving around software business chief Renee James, COO and head of worldwide manufacturing Brian Krzanich, and CFO and director of corporate strategy Stacy Smith.
"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," Otellini commented.