Paul Otellini, the CEO and president of Intel Corporation, has announced that he will retire as an officer and director at the firm following the company’s annual stockholders’ meeting in May 2013.
The announcement, revealed by Intel earlier today in a press release, means that “an orderly leadership transition” will continue at the company for six months after the meeting next year.
F**k it, we'll do it live!
Our biggest ever edition of TNW Conference is fast approaching! Join 10,000 tech leaders this May in Amsterdam.
Otellini will be stepping down after almost 40 years at Intel Corporation, of which eight have been as its CEO. To highlight just how significant his reign has been, the company has published the following statistics today regarding his tenure at the company, accurate from the second quarter of 2005 to the third quarter of 2012:
- Intel generated $107 billion from its operations.
- It made $23.5 billion in dividend payments.
- It increased the quarterly dividend by 181 percent, from $0.08 to $0.225.
Commenting on the decision, Otellini said he had been “privileged” to lead “one of the world’s greatest companies”, but felt that it was time to move on. “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,” he said.
At the moment, it looks like Intel Corporation doesn’t have a successor in mind for Otellini just yet. Intel, arguably the leading chipmaker in the technology industry, said in the press release that the board of directors would be carrying out the recruitment process, and would be considering both internal and external candidates for the job.
As part of today’s announcement, Intel Corporation has also revealed that three “senior leaders” at the company have been promoted to the lofty role of Executive Vice President. These are Renee James, currently Head of Software Business, Brian Krzanich, Chief Operating Officer and Head of Worldwide Manufacturing, and Stacy Smith, Chief Financial Officer and Director of Corporate Strategy.
Image Credit: Kevork Djansezian/Getty Images