Intel has announced that its chief executive Paul Otellini is to step down in May to enjoy his well-earned retirement after almost 40 years of continuous service at the company.
'I've been privileged to lead one of the world's greatest companies,
' claimed Otellini in a statement regarding his impending retirement. '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], 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.
'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,
' added Andy Bryant, Intel's chair, in the announcement. 'The board is grateful for his innumerable contributions to the company and his distinguished tenure as CEO over the last eight years.
To help fill the hole, Intel has announced that three senior employees are to receive promotions to executive vice president level: Renee James, head of Intel's software business, Brian Krzanich, chief operating officer and head of worldwide manufacturing, and Stacy Smith, chief financial officer and director of corporate strategy.
In Otellini's time as chief executive, he oversaw the company's growth to a point of record-breaking revenue and net income: $38.8 billion income when Otellini started has become $54 billion for the last financial year. Under Otellini's tenure, the company has also launched its Ultrabook programme and begun targeting Cambridge-based chip giant ARM in the mobile space with a family of Atom-based system-on-chip products.
While Otellini's outspoken nature - on subjects from Windows 8
to ARM's chances of success against Intel
- has sometimes caused embarrassment for the company's partners, there's no denying he's been a force to be reckoned with in the industry. Intel certainly has some big boots to fill in his absence.
How those boots will be filled is, at present, unknown: Intel has yet to announce a successor for the role of chief executive.